Word: petroleum
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...power in 1980, we found the economy in very bad shape. We made investment decisions for future development, and I think they restored a sense of direction to the economy. The G.N.P. has gone up, per capita income has gone up, and we have increased irrigation, food output and petroleum production. But the more things go up, the more are wanted. You are simply not able to catch...
...attack on Basra and driven the Iranians back almost to the border. The Iraqis were fighting harder in defense of their country than they had fought during their long, misguided adventure in Iran. U.S. intelligence sources confirmed that Iraqi MiG-21s had staged an air attack on the Iranian petroleum facilities at Kharg Island. Damage was said to be light, but the incident was bound to have a discouraging effect on tankers bound for the island...
...petroleum industries of both countries, and particularly Iraq, are quite vulnerable. After its attack on Iran's Kharg Island faculties last week, Iraq reportedly warned Japan that its tankers should stop using the island. If Iran decides to retaliate in kind, it would probably aim first at the Iraq-Turkey pipeline, the only export route now available for Iraqi oil, and at the scattered fields to the west of Basra. A determined Iran could take Iraq out of the oil business for as long as two years. But even if warfare should paralyze the oil industries of Iran, Iraq...
Global Insecurity insists that oil shocks are likely to occur as long as consuming nations remain addicted to petroleum from the explosive Middle East, which has some 60% of the non-Communist world's known oil reserves and which ships 65% of the crude involved in international trade. Any type of conflict in the area could disrupt the flow of oil and plunge the world into a crisis...
...authors warn that the Organization of the Petroleum Exporting Countries remains powerful despite the excess oil supplies that depressed prices earlier in the year and the group's inability to set production quotas in Vienna two weeks ago. If the oil producers could find the political will to curtail output sharply, say the authors, a barrel of crude oil that now costs $34 could reach $72 by the year...