Word: petroleum
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Frustration is increasing among some OPEC members. Last week Abu Dhabi's Petroleum Minister Mani Said
...than others. Utaiba also revealed that Abu Dhabi has ordered Western oil companies operating there to increase production immediately -leaving those firms to find a way to sell it. The companies had reduced pumping because Abu Dhabi's oil was more expensive and less profitable to market than petroleum in some other OPEC countries. Nigeria has also been prodding Western oil firms to boost production despite sagging demand...
...oversupply has led to subtle price discounting, which enables some petroleum-producing states to unload part of their excess while keeping the.of-ficial price intact. OPEC'S price is pegged to the $10.46 that Saudi Arabia charges for its high-quality light oil; all other cartel crude is priced above or below that figure, depending on quality, shipping costs and other factors. Algeria's price has dropped from $14 per bbl. a year ago to $12 now, largely because premium charges for high quality and other factors have been removed. Libya has recently been forced to trim...
...imminent tapping of North Sea oil and gas for the dawning of a bright new day. Prime Minister Harold Wilson jokes: "There is speculation which member of the Cabinet will become chairman of OPEC in the 1980s." Chancellor of the Exchequer Denis Healey says that Britain's petroleum import needs will be halved by 1977 and eliminated within five years...
Last week Texaco announced the discovery of a major field about 110 miles northeast of Aberdeen. Eleven other commercial fields stretch in a 600-mile band from the Shetland Islands west of Norway down as far as the south-central coast of England. Drilling is being done by British Petroleum, Exxon, Gulf, Texaco, Shell, Mobil and 35 other companies. They will start to produce small amounts later this year and expect to be bringing in 2 million bbl. a day by 1980. But a hot taxation feud between the companies and the Labor government threatens to stall development...