Word: petroleum
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Saudi Arabia has always considered itself the model of prudence and self-control among the 13 nations that make up the Organization of Petroleum Exporting Countries. When one of the other members threatens the group's strength by producing too much crude oil or selling it at a discount, the Saudis are usually the first to scold. Thus Saudi Arabia has perplexed the global oil industry this summer by boosting its output by 1 million bbl. a day beyond the country's voluntary quota of 4.5 million bbl. The extra crude has aggravated the world's surplus...
President, Mesa Petroleum...
Atlantic Richfield, Occidental Petroleum, Getty Oil and Union Oil have their headquarters in Los Angeles. At the beach you see seals and oil pumps, as well as men, too dumpy and too old to be making fools of themselves, on roller skates. On the freeway you see an oil pump in a bend where, elsewhere in the nation, there would most likely be a fruit stand. There is a camouflaged oil pump on the campus of Beverly Hills High School. Just as you begin to understand there is sensible, sound, big commerce in this vast polyglot a sign looms...
...have taken a number of measures to convince the IMF that we are really serious about checking expenditure and encouraging farming, as they suggested. There are three vital areas that we have not been able to agree on with the IMF: currency devaluation, trade liberalization and the lifting of petroleum subsidies. They do not seem to think that we are trying hard enough to meet their demands. We feel that if we implemented these three measures they would cause social upheaval in the country. But we will continue to negotiate...
...Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity, the oil ministers allowed heavily indebted Nigeria to increase its daily production of 1.3 million bbl. by a total...