Word: venezuela
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Dates: during 1970-1979
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...underscored by a rash of surcharge announcements. Algeria and Libya both added $4-per-bbl. premiums to their much-in-demand low-sulfur oil, as did Nigeria, a nation that has made a practice of haphazardly squandering its petrodollars almost as blithely as Americans waste oil. Kuwait, Iran and Venezuela tacked on $1.20-per-bbl. surcharges. Mexico, though not an OPEC member, also got in on the gouging game; it added...
Those prospects came closer to reality last week as a result of abrupt and startlingly large price increases announced by two OPEC members that the U.S. has come to count on for moderation, Venezuela and Kuwait...
...Caracas, Valentin Hernandez, Minister of Energy and Mines, summoned apprehensive oil company executives to his office and bluntly told them that Venezuela intended to lift prices an average 14% on all its oil exports. Later, the government announced that it would increase only the cost of heavy fuel oil, which accounts for much of the country's exports. Oilmen now expect that the broader crude oil increases will be formally posted later this month when existing three-month contracts are about to expire. For the U.S., which relies heavily on Venezuelan imports, the increases already announced could add from...
...Vatican of stacking the 174-member roster of bishop delegates at Puebla with conservatives. However, 139 of them were elected by the hierarchies in their own countries. As a result, Brazil's 37 votes will be largely progressive. Moderates and conservatives predominate in the important delegations from Argentina, Venezuela, Peru and Mexico. The best-known liberation theologian, Peru's Father Gustavo Gutiérrez, will be on hand as adviser to Ecuador's "Red Bishop," Leonidas Proaño Villalba. But El Salvador's Archbishop Romero, a hero to the poor, was not elected...
...ministers put away their pocket calculators and journeyed in heavily guarded motorcycle caravans to dine at the air-conditioned palace of Abu Dhabi's Sheik Zayed bin Sultan al-Nahayan, the new price had been virtually accepted. "We chewed on those figures a little more," recalled Venezuela's Valentin Hernandez, "but as we reached for the chunks of lamb at Sheik Zayed's dinner, the price was already fixed." Though Sheik Yamani initially asked for a 10% limit on the price increase, he quickly capitulated to the majority view. "I was not happy with it," he noted...