Word: petroleum
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Thatcher had one resource that was helping ease the nation's financial burden: the North Sea oilfields. They were to make Britain self-sufficient in petroleum by the end of Thatcher's first 18 months in office. Typically, Thatcher refused to distribute the oil at cut rates to British industry. British consumers had to pay the full market price...
Robert O. Blucker, 53, a State Department petroleum economist, got off the plane in Algiers looking rather natty in a three-piece suit and tie. In a phone call to his mother, Mrs. Hazel Albin of North Little Rock, Ark., he said that he had been wearing the suit when captured and had been given no other clothing during his detention except another pair of pants. He had once slept in the suit for 45 straight nights, and had not been allowed to take a bath for three months. The reason, he assumed, was that he had been "belligerent...
Chevalier, however, fears that any petroleum price relief may well be temporary. He agrees with reports by the CIA and others that oil output in the Soviet Union, the world's largest producer, is peaking. Until now, the Soviets, who pump more than 11 million bbl. per day, have been able to satisfy their own needs and those of their Communist allies. But the antiquated condition of Soviet drilling equipment, a situation that has been made worse by the U.S. embargo on high-technology exports to the Soviet Union, has delayed the development of new oil deposits...
Such objections, however, are not likely to have any real impact on OPEC decisions. Much more important is the state of world petroleum markets, which are currently afloat in oil. Worldwide demand for the black gold was off by about 2 million bbl. a day in 1980. Some production has resumed in Iran and Iraq, and the Saudis are continuing to pump about 2 million bbl. a day extra to make up for the shortfall caused by the Iranian revolution and by the destruction resulting from the Persian Gulf war. This has permitted oil companies and major petroleum-importing countries...
...production and send oil prices $50 per bbl. Oil Minister Yamani is demanding that world energy companies carrying heavy stocks start them down faster and that West nations stop squirreling more oil away strategic reserves. Indeed, the Saudis prod Western countries to remind them that OPEC price restraint or petroleum production could end at any time...