Word: petroleum
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...over other cartel members. The Saudis could not convince the other OPEC members that they should agree on a lower ceiling price. In fact it took four hours of extra bargaining for Yamani to persuade Iran Oil Minister Ali Akbar Moinfar, whose country produces about one-tenth as much petroleum as Saudi Arabia, to change a single key word in the conference's final communiqu...
...OPEC ministers departed from last week's meeting, they left no doubt that they will start raising prices again just as soon as world petroleum demand permits. The group will meet in September and could then return to its old ways. Said Libyan Oil Minister Abdul Salam Zagaar: "The ceiling is going to be $37 until September, and then we will see what the market will...
...gold ?the two metals that respectively symbolize the modern and the primitive strengths of an economy. The Soviet Union's farms produce more barley, cotton fiber, wheat, oats and rye than those of any other country and?an incongruous sweet touch ?more sugar and honey. Huge petroleum reserves, second only to those of Saudi Arabia, have made the country self-sufficient in energy, although that could change by the middle of this decade because of the difficulty in finding and exploiting oil and gas in remote and inhospitable expanses. By numerous indexes ?electrification, physicians and nurses...
Though the Soviets hunger for Western technological imports like computers and machinery, they have problems marketing their own products to the West in return. The only Soviet exports sold easily abroad, in addition to vodka, are raw materials such as petroleum and gold. Despite attractive prices for Yak-40 passenger jets or Lada cars, Western countries have shown little interest in low-quality, dowdy Soviet merchandise. The Soviets usually are forced to dump their exports on the soft-currency countries of Eastern Europe or the Third World...
...faces serious energy problems in the 1980s. The U.S.S.R. is by far the world's largest oil producer (11.9 million bbl. per day, vs. 9.5 million bbl. for Saudi Arabia). Nonetheless, in the view of many Western energy analysts, the Soviet Union will soon run into a petroleum bind even though the country is an Eden of energy riches...