Word: petroleum
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...volatility of the market reflected, in part, several mixed signals about the state of the economy. Early in the week the news was good. Investors cheered as reports came from the Geneva meeting of the Organization of Petroleum Exporting Countries that the producers would cut oil prices (see following story). The news buoyed hopes that inflation would remain low in 1985. In addition, the Labor Department reported that the productivity of U.S. nonfarm workers--their output per hour worked--rose at an annual rate of 1.7% in the fourth quarter of 1984, a sharp rebound from the 1.1% decline...
Conditions appeared to be ripe last week for the long-predicted breakup of the Organization of Petroleum Exporting Countries. The pressure of OPEC's three-year struggle to prop up global oil prices seemed, at long last, to have fractured the group beyond repair. During the three-day emergency meeting in Geneva, OPEC's ministers let loose an unprecedented public display of insults, accusations and stubbornness. Yet once again the blowup failed to happen, and the group reached some broad agreements. Nonetheless, those accords showed convincingly that OPEC has lost its ability to dictate world oil prices...
...International Trade and Industry can be tough. Ask any American businessman. In fact, ask any Japanese businessman. Taiji Satoh, 31, last year saw that gasoline in Singapore cost far less than it did in Japan, so he signed a contract to import 18,860 bbl. for his Lions Petroleum Co., which is based near Tokyo. But MITI had other ideas. The ministry had previously ruled that only crude oil, not gasoline, may enter Japan. Refining is done domestically. When word of Satoh's purchase got out, MITI Minister Keijiro Murata sent him an "advice" that bluntly warned, "Do not import...
...latest run on the pound was triggered primarily by concerns about the future of world oil prices. Because of the current glut in crude, petroleum + prices have been sliding for several months. Britain earns nearly $13 billion from the export of oil, and lower prices would be a serious blow to its economy...
Mergers and acquisitions have become commonplace in the U.S. oil business during the past few years, but the drama that unfolded last week as Occidental Petroleum and Diamond Shamrock first announced, then canceled, a $3.3 billion marriage was one of a kind. Negotiated in a rush, then abandoned, the deal hurt both companies, leaving each vulnerable to a takeover...