Word: petroleum
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...bitter scrap that pits Saudi Arabia and the United Arab Emirates against the eleven other members of the Organization of Petroleum Exporting Countries, it is far too early to predict the ultimate winners. But so far, the minority of two seems to be ahead. The Saudis appear to be attracting enough new customers to force their rivals into production cutbacks and price fiddling...
...along with the majority's demand for a 10% hike on Jan. 1, to be followed by a further 5% hike at midyear. The Saudis and the U.A.E. limited their increase to 5% for the full year. Thus, for the first time since OPEC began quintupling petroleum prices in late 1973, the oil cartel split into opposing camps. In order to hold down prices, the Saudis, who are OPEC'S largest producer (8.5 million bbl. per day) and the possessor of the world's largest proven reserves (151.8 billion bbl.), threatened to increase production in order...
...breed of ship, now constitute more than half of the world's merchant-ship tonnage. In U.S. ports, tanker traffic has increased proportionately as the nation has turned heavily to imports to meet its growing thirst for fuel. In 1966 the U.S. imported 940 million bbl. of oil and petroleum products. Now nearly three times as much is arriving in U.S. ports?about 300 million...
...Jack Jones condemned the action as the squandering of a national asset. Grumped one Cabinet member in private: "It's like selling the paintings off the wall." What prompted all this indignation was the government's proposal last month to sell a substantial share of its stake in British Petroleum Co., the nation's largest industrial concern...
...somehow had wangled a concession to explore in Iran. The British government bought a 51% stake in BP in 1914 because Winston Churchill, then First Lord of the Admiralty, wanted a secure source of oil for the navy. Known originally as Anglo-Persian, the company was renamed British Petroleum several years after the government of Mohammed Mossadegh nationalized its Iranian concessions...