Word: aramco
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...Island. The ship, under contract to the Kuwait Petroleum Corp., had just loaded up with fuel at the Kuwaiti port of Mina al Ahmadi. Damage proved relatively minor, but a second ship hit in the same attack was not so lucky. A South Korean supply vessel under contract to Aramco, the Saudi oil company, which was serving offshore rigs at the Saudi oilfields of Marjon, exploded, caught fire and sank. At least one crewman was killed and four others were injured...
...jompany. Six years ago when gasoline prices were heading skyward, the Justice Department started an investigation of oil companies for alleged price rigging of Persian Gulf crude flowing into the U.S. Later the case was narrowed to the four U.S. majors who owned and operated Aramco, the Arabian American Oil Co., which pumps Saudi Arabian oil. Last week the Government dropped the case, saying that the firms, Exxon, Mobil, Texaco and Standard Oil Co. of California, no longer had a major influence on the world price of oil. Yawned an Exxon aide: "We'd almost forgotten about...
Today the world is awash in oil. Prices have been falling, and OPEC ministers meeting in Geneva last week refused to accede to Iran's demands for price increases. Aramco now buys its oil from the Saudis and does little more than manage the oilfields for the kingdom of Saudi Arabia. U.S. oil consumption has not been as ravenous as it once was, dampened by three years of recession, a genuine concern for conservation and an ever larger fleet of fuel-efficient cars...
...some respects, those two giants should actually be helped by $29 oil. Reason: both are U.S. partners-along with Mobil and Standard Oil of California-in Aramco, which produces most of Saudi Arabia's oil. All four had been paying the official $34 OPEC price for the Saudi crude, even though cheaper supplies were available elsewhere. Now the March price cut has freed them of that burden. So far, however, analysts have seen few immediate signs of improvement in the overall industry outlook. Says William Randol of First Boston, an investment banking firm: "This year's first-quarter...
Most oil-company stocks, however, failed to share in the rise. Atlantic Richfield, for example, which has enormous reserves of Alaskan crude, dropped 2% during the week. The four U.S. partners in Aramco, which pumps most of Saudi Arabia's crude, held up better than the rest. The reason: any cut in the official OPEC price will help end the squeeze that the four-Exxon, Standard Oil of California, Mobil and Texaco-have suffered as the spot oil price (see chart) has fallen below the $34 that they now pay the Saudis...