Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
When delegates to the 60th ministerial session of the Organization of Petroleum Exporting Countries gathered in Geneva's Intercontinental Hotel last week for the group's spring conference on pricing and production strategies, the rifts dividing the world's oil producers were deeper than ever. Global demand for OPEC'S sky-high-priced product is now weakening in markets everywhere, and stockpiles are steadily swelling. The result is that oil prices in some places are actually declining. But despite the softening oil market, the 13 oil ministers last week were unable to agree upon...
...during the two-day session, they were never able to break the deadlock that has for months gripped the cartel. Saudi Arabia has been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from $41 per bbl. to no more than...
...before making their investment decisions, often seeking the advice of Harvard experts at their disposal. In the early to mid-1970s, their research told them that world oil prices would increase substantially and that American prices would have to catch up. Translated into an investment strategy, that meant "buy petroleum stocks," which they did in a big way starting in 1974. By October 1980, Harvard had $600 million in oil and oil-related stocks, about 60 per cent of its total stock portfolio...
...increased production in the Middle East as well as stepped-up conservation efforts has made oil issues less attractive, reducing their prices by an average 15 to 20 per cent from what they were eight months ago. As a result, HMC has been selling off many of its petroleum holdings, especially those in international firms...
...Soviet oil production potential through the 1980s. Four years ago, the agency had predicted that growing Soviet need for oil would force that country to import as much as 3.5 million bbl. daily from non-Communist suppliers by the mid-1980s, thus placing grave new strains on the world petroleum market. But last week the agency contradicted its original assessment of Soviet production capacity and revised the estimates upward, suggesting that the Soviet Union will remain self-sufficient in oil until at least 1990. By that time, perhaps, OPEC will be looked upon not as an economic menace...