Word: petroleum
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...months, the Organization of Petroleum Exporting Countries had seemed ready for the obituary columns. The oil ministers of the 13-nation group, which once cowed energy-importing countries and commanded banner headlines with every pronouncement, had become a group of divided and argumentative men, powerless to halt a long slide in petroleum prices. Last week, though, OPEC suddenly sprang from its deathbed and caught the world's attention once again. After nine days of tense meetings in Geneva, the cartel adopted a plan to slash its daily oil production by some 17% in the hope of driving prices back...
...performance on the Titanic mission drew attention to the potential of remotely operated vehicles, which are not only supplementing the work of manned submersibles but in many cases replacing them. ROVs became popular during the 1973 oil crisis, when companies were forced to search for new petroleum reserves beneath the sea. Most are self-propelled. They are connected to the mother ship by a cable, through which they receive electricity and commands from their human pilot and transmit pictures and data. It was an advanced ROV, the Gemini, that played a key role in the recovery of wreckage from...
...probably alarmist. Though some economists have begun to talk about the possibility of a recession, most experts expect growth to pick up in the second half of the year. They think that the 65% drop in oil prices since late last year, which has devastated the huge U.S. petroleum industry, will soon begin to stimulate investment by other businesses and increased spending by consumers. The fall in the value of the dollar, a 26% decline against major world currencies since early 1985, is expected to help reduce the trade deficit by making imports more expensive and American goods cheaper abroad...
...Saudi Arabian oil minister, considered by some experts to be the most influential person in the international petroleum industry, will headline a symposium focusing on the oil market during the Kennedy School of Government's 50th anniversary celebration in early September, officials announced yesterday...
Sheik Yamani is Saudi Arabia's representative to the Organization of Petroleum Exporting Countries (OPEC), a cartel of oil-rich nations currently experiencing severe problems in the glutted market. The Saudis, largely viewed as the leader of OPEC, are the largest petroleum producers in the world...