Word: faisal
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...editor invited other editors and bureau chiefs to submit nominations. A remarkable degree of consensus resulted: along with a number of New York-based editors, 18 bureau chiefs round the world mentioned heads of oil-producing nations as the men who had most affected life in their areas. King Faisal received more ballots than any other candidate. The number of such votes influences, but never dictates the final selection; this time the votes and the principal editors' own judgment went the same...
Once the choice was made, preparations for the story began under conditions of secrecy. From Beirut, Bureau Chief Karsten Prager distilled 18 months of reporting on oil while Cairo Bureau Chief Wilton Wynn flew to Jeddah to sip Bedouin coffee in a rare audience with King Faisal. In New York, Reporter-Researchers Ursula Nadasdy de Gallo and Sarah Button gleaned information on oil and the Middle East. Sequestered in an out-of-the-way office, Senior Editor Marshall Loeb then wrote the cover story, which was edited by Assistant Managing Editor Edward L. Jamieson. Associate Editor Spencer Davidson sketched Faisal...
...companies, in fact, were among the biggest losers of 1974. The four U.S. partners in Aramco had to agree late in the year to sell their remaining 40% ownership to Faisal's government. It will pay the partners $2 billion for almost all their facilities, a price that the Saudis can meet with less than one month's oil earnings. The Saudi takeover will move Kuwait, Qatar, Oman and the United Arab Emirates to nationalize the last of the Western oil operations in those areas, probably this year. The companies will become mere agents, selling technical and marketing services...
Moreover, if Faisal and his allies hold prices up, the rest of the world could encounter such compounded problems that 1974 would be remembered as an easy year. With oil at $10 a bbl., OPEC would charge the world an other $600 billion in the next five years. To pay the bill, the 137 nations outside the cartel would have to deliver one-quarter of their total exports to OPEC's elite 13 countries. It would be impossible for the oil importers to transfer so much of their production?or for OPEC nations to absorb it all. The most frightening...
...other hand, if war erupts anew, the Arabs might embargo either the U.S. or all Western nations. Says Saudi Interior Minister Prince Fahd, 53, who is Faisal's brother and likely successor: "We would hate to impose another embargo. But in a war, when you feel you are in danger of dying, you may do anything. If war breaks out again, it will be not only the Arabs and Israelis who are damaged, but the world as a whole." If Western Europe were embargoed now, it would draw down its stockpiles (good for 60 days or more in each country...