Word: petro
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Over the next five years OPEC's petro powers will drain as much as $570 billion from the world's oil-thirsty economies. Hardest hit will be the less developed countries. With their credit lines stretched to the snapping point, the LDCs may need $70 billion more than international banks are like ly to provide. Result: a potentially smoldering powder keg of political unrest in the Third World...
Even in the normally supercharged atmosphere of petro politics, last week's meeting in Vienna of foreign, finance and oil ministers from the 13-member OPEC cartel was highly unusual. The Austrian capital is OPEC's administrative headquarters, but no meeting of oil ministers had been held there since December 1975, when pro-Palestinian terrorists kidnaped some of the delegates and held them hostage. Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, the principal target of the 1975 raid, was taking no chances on a repeat performance. First he sent his private plane to Vienna...
Like other oil-poor developing countries, Brazil is a victim of rising petroleum prices. Despite last year's impressive 35% rise in exports, to $9.2 billion, Brazil suffered an overall trade deficit of $2.7 billion. This year's higher petro prices are pushing its trade deficit more deeply into the red. The deficit is worse because the previous military regime flagrantly neglected the agricultural sector. The unhappy result: despite rich agricultural resources, Brazil last year had to spend $1.8 billion on food imports alone...
Technical obstacles also hamper development. China lacks port and petro chemical transportation facilities to service the new complexes and the trained manpower to build and run them. Despite a population that studies estimate has topped 1 billion, the corps of skilled technicians is too small to meet China's future needs in petrochemicals alone...
...Barclay perform two vital and interrelated functions. Operating largely from London's money center, the big financial institutions have first of all provided a safe and secure place for Croesus-rich oil exporters, particularly Kuwait, the United Arab Emirates and Saudi Arabia, to park their unspent petro-profits, which by now amount to over $90 billion. The security and peace of mind that comes from feeling that their money is safe in these banks have been crucial factors in encouraging oil sheiks to go on pumping and selling more crude than they really need to. This in turn...