Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Petroleum producers fail in a desperate attempt to find unity...
...Venezuela's riches-$8 billion in foreign currency reserves, at least 18 billion bbl. in proven petroleum reserves-some observers are skeptical about the country's ability to sustain its good intentions toward its neighbors. Venezuela's own economic house is not totally in order. Unemployment is estimated at 12%, inflation at 15%. One reason for the economy's woes is that Herrera Campíns' predecessor, Carlos Andrés Pérez, encouraged a series of ill-advised state enterprises, such as steelmaking and air transport, that last year ran up losses estimated...
...brief moment last week, it looked as if the two years of chaos in the world's oil markets were ending. Saudi Arabia appeared about to force its moderate pricing policy on the 13-nation Organization of Petroleum Exporting Countries. But then, after a week of frantic negotiations behind closed doors in Geneva's luxurious Intercontinental Hotel, the oil ministers broke up in deadlock. Instead of agreeing to a compromise formula that would have reunified OPEC's crazy quilt of prices, which range from a low of $32 per bbl. to a high...
...deadlock comes at a bad time for OPEC but a good time for just about everyone else. With petroleum prices weakening for months on world markets, OPEC needed to show political solidarity in or der to prevent competitive price cutting. Their customers, though, can look forward to at least a temporary respite from oil-fired inflation...
...million bbl. daily, its lowest rate since the 1960s. One sign of OPEC's declining clout came last week, when the U.S. Government signed a five-year contract to buy some 110 million bbl. of crude worth $3.5 billion. The oil will be funneled into the U.S. Strategic Petroleum Reserve...