Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Since the discovery of major oilfields in the mid-'60s, China has become an economic power to reckon with. The first significant shipment of petroleum, 7 million bbl., was sent to oil-thirsty Japan only two years ago. Total oil exports this year are estimated at 70 million bbl. By 1980, oil shipments abroad are expected to reach 350 million bbl. and amount to one-third of the country's exports. China's trade, which remained virtually static at about $4.5 billion annually through the long years of isolation, jumped to $6 billion in 1972 and reached...
...flamboyant career-as a pencil manufacturer in the Soviet Union in the 1920s, whisky dealer, art collector and oil magnate in the U.S.-Ar-mand Hammer has probably never had a worse week. First, the 77-year-old chairman of Occidental Petroleum Corp. pleaded guilty in a Washington court to a charge of making three il legal contributions to Richard Nixon's 1972 presidential campaign. Then Hammer's oil firm accused the Libyan government of holding 520 of its employees as hostages in a dispute that has turned Occidental's investment in Libya, once considered Hammer...
Judging from past sessions, nobody expected the meeting in Vienna last week of the ministers of the 13-nation Organization of Petroleum Exporting Countries to be a quiet affair. But few foresaw what by week's end had become a dramatic and bitter tug of war between the cartel's two major producing nations, Saudi Arabia and Iran. After four days of fierce wrangling, the members compromised Saturday on a hike in world oil prices of only 10%, or about $1.05 per bbl., well below the 35% or so that had been bruited about a few months...
...about a fourth of all OPEC oil, has the power to break the cartel if it chooses; no price increase that it finds intolerable has a chance of sticking. In addition, a huge price boost would have retarded the recovery of industrial nations from the world recession, thus slashing petroleum demand and OPEC countries' revenues even more...
Oilmen for the three companies involved in the sealift-Atlantic Richfield, Standard Oil Company of Ohio and British Petroleum-have maintained that air and overland shipments of some equipment would allow at least a trickle of oil to flow on schedule, regardless of this year's ice. But last week's delay threw a shroud over even that promise, and any major sealift probably will have to wait until next year. If nothing else, the professional meteorologists used by the oil companies might learn a lesson from the Eskimos. Last summer they reportedly predicted that ice would prevent...