Word: algerias
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...agreement. In the past two years, weakening worldwide demand for oil has driven down the spot-market prices for crude until they were about $6 per bbl. below the official OPEC benchmark price of $34 per bbl. If prices continue to slide, cash-hungry producers such as Algeria, Venezuela and Nigeria will be tempted to offer under-the-table deals to potential customers in order to take sales away from other cartel producers. To monitor compliance, OPEC decided to set up an oversight committee that will keep tabs on weekly production figures of all members...
...convinced that the Soviets were seeking to fish in troubled waters. I learned from our Ambassador in Amman, Dean Brown, that the Soviets had urged Jordan's King Hussein to enter the battle. Later in the day an appeal by Brezhnev on similar lines to President Houari Boumedienne of Algeria was made public. "We can't let the Soviet Union get away with this," I told the WSAG. I warned Dobrynin against encouraging other nations to enter the conflict...
...Exporting Countries has dropped 2.9%, to $33.80 per bbl. Last week the state-owned British National Oil Corp. (BNOC) startled the petroleum industry by knocking $1.50 off its quoted price. Britain is not a member of OPEC, but BNOC competes directly with the state-owned oil companies of Libya, Algeria and Nigeria. Oil traders now expect those nations also to shave prices...
...just as abruptly, Gaddafi removed his troops last November after the Organization of African Unity asked him to do so. But he may not stay out: much of Chad is marked on Gaddafi's own maps as part of a greater Libya that also includes sections of Niger and Algeria...
...Europe did not take seriously American concerns for its security and pointed out that the Soviet Union is unlikely to be a less reliable supplier than the Continent's other potential suppliers of natural gas, which include Algeria, Iran and Libya. Most of Europe's natural gas now comes from the North Sea. For years the Soviet Union has already been the main natural-gas supplier outside Western Europe...