Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...birth and persistent poverty, Nigeria has a special significance. Its population, estimated at 90 million, is greater than that of any country in Western Europe. One of every five or six Africans is a Nigerian. Because of its oil resources, which have made it the third largest supplier of petroleum to the U.S. (after Mexico and Britain), Nigeria is the wealthiest nation in black Africa, with a gross national product that is more than half as large as that of the other black African nations combined. Unlike many other African countries, it has a sizable class of educated...
...justifying his actions, Abacha cited Nigeria's "grave economic predicament," brought about, he said, by an "inept and corrupt leadership." Oil normally accounts for 90% of Nigeria's export earnings, but the world petroleum glut sent those revenues falling from a peak of $26 billion a year to $10 billion. Corruption in Nigeria is rampant...
...particularly knowledgeable about petroleum stocks. In 1981, he had enough savvy to sell off energy shares from his portfolio before the oil glut drove down their value. Day, however, still has a huge personal stake in the industry. Through his mother, Willametta Keck Day, he is one of the heirs to the Keck family's holdings in Houston's Superior Oil, a 25% share worth about $5 billion...
...their battle against inflation, Reagan and Volcker had good fortune on their side. With the world awash in an oversupply of oil, the once mighty Organization of Petroleum Exporting Countries could no longer dictate the cost of crude. The group's new powerlessness moved Mani Said al-Oteiba, Oil Minister of the United Arab Emirates, to compose a doleful poem that began...
...petroleum prices and the sharp drop in U.S. interest rates helped ease pressure on many developing nations that are struggling under enormous and dangerous debt loads, but their finances remain shaky. Two weeks ago, the new government of Argentina requested a six-month grace period for interest payments on its $40 billion debt. A team of bankers and troubleshooters from the International Monetary Fund approved a $10 billion emergency loan package in November that once again saved Brazil from defaulting on its $91 billion debt, but the country's economy is deeply depressed and has been plagued all year...