Word: petroleum
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...watchful British Political Resident in the gulf would have allowed it to take place-would scarcely have been noticed. Today, though, the lands bordering the Persian Gulf have a strategic importance to both East and West. Collectively, the Trucial States* and their neighbors on the gulf have a petroleum reserve of at least 345 billion bbls.-56% of the world's proven oil supply. Moreover, the power vacuum created in December when Britain pulled out the last of its political officers and military forces from the Trucial States has yet to be filled...
After several months of careful explorations, six of the world's leading oil-exporting countries finally struck money last week in Geneva. They reached agreement with 16 of the largest oil companies to collect about 8.5% in additional taxes and royalties on petroleum, thus making up for their loss of international buying power after the dollar was devalued. The deal covers only Persian Gulf exporters, but similar terms will probably be agreed upon for other members of the Organization of Petroleum Exporting Countries. Together, the eleven OPEC members produce 90% of the world's exported...
...rare unity. As recently as the mid-1960s, the oil companies could play the exporting countries off against one another, often driving down demands from one government by threatening to buy more oil from others. But in negotiations beginning in 1969, the eleven members of the Organization of Petroleum Exporting Countries (OPEC)* overcame their vast political and social differences. For the first time, they formed an oil suppliers' cartel, which now provides more than 85% of Europe's oil and 90% of Japan's. The U.S. imports 23% of its oil, mostly from Venezuela, and by some...
...producing nations seem certain to win concessions on both points. Seized by the spell of economic nationalism, more and more of them are threatening to take drastic action. The Iraqis have demanded a 20% share in the production facilities of Iraq Petroleum Co., which is owned by five international oil firms, including Jersey Standard. The ownership plan bogged down in the face of the company's compensation claims growing out of a government seizure ten years ago. To speed things up, Iraqi officials announced ominously that they were "scrutinizing closely" current financial records. In Venezuela, under a recently passed...
...Calouste Gulbenkian, the celebrated "Mr. Five Percent," who helped negotiate oil contracts between Arab countries and Western oil firms and wound up owning 5% of the Iraq Petroleum Co. Nubar was born in a small village on the Bosporus at a time when the Turks were enforcing their rule by slaughtering the Armenian minority. He was spirited out of the country in a Gladstone suitcase and taken to England, where he attended Harrow and Cambridge. Though for many years he claimed Iranian nationality and in 1965 regained his Turkish citizenship, he spent most of his life in England...