Word: petroleum
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...last month before the Arab production cutbacks. FEO figures also indicate that January oil imports to the U.S. fell 1.14 million bbl. per day below September. The obvious conclusion, though Simon himself did not draw it, is that the U.S. is suffering around three-fourths of the world petroleum shortfall. Supplies available to be imported by other oil-consuming countries have dropped by a scarcely noticeable 400,000 bbl. per day-though, to be sure, that leaves no margin to take care of any increase in demand. So far this month, oil shipments to the U.S. have continued to fall...
KUWAIT NATIONAL PETROLEUM CO. Operates a refinery and markets oil and other refined products internationally through offices in the U.S., Britain, Japan and Singapore; it may also buy a tanker fleet. The two companies that hold a joint concession in Kuwait, Gulf and British Petroleum agreed in 1972 to sell to the government 25% of their venture at once and the rest...
IRAQ NATIONAL OIL CO. rose to power after the government in 1972 seized almost all the concessions, equipment and pipelines of the Iraq Petroleum Co., a consortium that included British Petroleum, Shell, Exxon and Mobil. Iraq has estimated reserves of 31.5 billion bbl., and I.N.O.C. manages exploration and production, though it still sells some to the majors. I.N.O.C. has a big plus: an adequate supply of trained personnel, many of them schooled abroad largely at the expense of the major international oil firms...
NIGERIAN NATIONAL OIL CO. is Africa's largest and most promising state petroleum firm. Nigeria produces 2.2 million bbl. a day-about 40% of which finally ends up in the U.S.-and the government of General Yakubu Gowon openly intends to gain control of every aspect of the petroleum business N.N.O.C. has already bought 35% of the biggest oil firm, Shell-BP, and will take over...
VENEZUELAN PETROLEUM CORP. (CVP) will grow larger in production, shipping and sales because the country's incoming president, Carlos Andres Pérez, has vowed that the government will take over foreign concessions, including all plants and equipment, before agreements expire in 1983. CVP will soon get a lead role in developing huge reserves along the Orinoco River, though it will need technological help from the majors...