Word: petroleum
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...steep slide early in the week occurred when members of the Organization of Petroleum Exporting Countries confirmed that the group has in effect abandoned any effort to curb its production, thus ensuring a worsening global glut. Meeting in Vienna under dark snow clouds, a committee of oil ministers from five OPEC nations--Venezuela, Indonesia, Iraq, Kuwait and the United Arab Emirates--declined to propose any new output limit for the 13- member group. Their decision goes along with the strategy being pursued by Saudi Arabia, Kuwait and other wealthy oil producers, who are flooding the market with excess petroleum. These...
...plunging while the countries wait to see which one will be the first to blink. The standoff could bring months or even years of rock-bottom energy bills. Says Mani Said al-Oteiba, Oil Minister of the United Arab Emirates: "The price war is here." Adds Constantine Fliakos, senior petroleum analyst at Merrill Lynch: "It's a case of everyone for himself...
...minor. The President proposes to wipe out completely a wide range of federal programs. The Interstate Commerce Commission, the Small Business Administration and subsidies to Amtrak form just a small part of the hit list. Reagan would also sell to private investors a clutch of federal assets, including Government petroleum reserves and five federal electric-power facilities...
...current weakness of the Canadian currency, which was worth 81 cents as recently as 1983, is somewhat enigmatic. The economy is growing at a healthy 4% annual pace, and inflation is only 4%. Falling oil prices may be one cause of the dollar's dip, but petroleum accounts for only about 5% of Canada's merchandise export revenues. Probably more damaging is the government's deficit, which was about $34 billion (Canadian) last year. To strengthen the dollar significantly, says Ben Gestrin, vice president of the Canadian Imperial Bank of Commerce, the government must prove that it will "pull...
...with the freedoms of a democratic political system. So far, his resolve has withstood mounting economic pressures. Until 1980 Nigeria was flush with revenues from its oil industry, which at one time produced 2.3 million bbl. a day and yielded $23.4 billion a year in revenue. But the worldwide petroleum glut has left the country, which earns 95% of its foreign currency from oil exports, teetering on the edge of economic collapse. Last year Nigeria produced a daily average of 1.4 million bbl., earning $11.3 billion. Even if the current world price of around $16 per bbl. stabilizes...