Word: faisal
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...continued to use his new-found charisma to strengthen Arab unity. He played a major role in Lahore, Pakistan, last week as delegates from 38 nations met for a quinquennial Islamic summit. As expected. Middle Eastern issues dominated the agenda. The Islamic leaders -including Saudi Arabia's King Faisal, Libyan Strongman Muammar Gaddafi, Algerian President Houari Boumedienne as well as Sadat and Assad-issued a strong demand for the eventual return of Arab sovereignty in Jerusalem...
...enormous potential because of the country's vast reserves, estimated to be 132 billion bbl. At present, it stands in the shadow of the world's biggest oil-producing firm, Aramco, which pumps virtually all of the 7.3 million bbl. produced daily in Saudi Arabia. King Faisal's government holds the largest share of Aramco (25%) in partnership with Exxon, Standard of California, Texaco and Mobil. The government has contracted to take over 51% of Aramco by 1982-and, according to reports last week, may demand 100% much sooner...
Choice Area. It is clear, though, that producing governments will increasingly call the tune. Saudi Arabia has already slowed an ambitious Aramco expansion program, and will likely permit output to rise only slowly from the present 7.3 million bbl. a day even after the embargo ends; Faisal's government has little need for the revenues that additional sales would bring. Thus Aramco has next to no chance of boosting production to 20 million bbl. a day by 1982, as it once planned. That Saudi policy alone will keep worldwide oil supplies tight for years to come...
...paid no attention, so it fell to Exxon and other oil companies to switch shipments around when the Arabs cut back and embargoed last October. Exxon, for example, has routed to Rotterdam Iranian oil that would normally go elsewhere, and switched away from Rotterdam the Arabian oil that King Faisal decreed could not go to The Netherlands. By all evidence, the oil shippers have done a deft job; people who two months ago feared disastrous oil scarcities now voice suspicion because the shortfalls have not really been...
Next Sadat went back to Faisal and found him willing to use the much-vaunted "oil weapon" to put pressure on the United States. Faisal's first strategy, to threaten a hold up in development of Saudi reserves unless the U.S. cooperated, failed to bring results, so last October 6 Egypt attacked...