Word: algerias
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...summit ended, the participants tried to put the best face on its ambiguous outcome. "Our purpose was to renew the dialogue between the North and the South," said López Portillo. "This was done." Added Algeria's Ambassador to the U.N. Mohammed Bedjaoui: "We leave Cancún with great enthusiasm." Yet the results hardly rate those reviews, for the summit failed to reach an agreement on the two most important issues: global negotiations and a World Bank energy affiliate...
Sales for hard currency to such clients as Libya, Syria and Algeria and, until recently, Iraq have almost entirely supplanted grants and sweetheart deals. The Central Intelligence Agency estimates that weapons sales bring in roughly one-fourth of the foreign currency earned by Moscow...
...prices, which have already been sagging as the economy slows and consumption diminishes. One OPEC member, Nigeria, last week sliced $4 off the price of a barrel of its high-quality oil, bringing the cost down to $36 per bbl., and inviting price cuts from competitors like Libya and Algeria...
...ministers' multiplying troubles came as the direct consequence of the organization's past excesses. By not curbing the price-gouging tactics of hard-liners such as Nigeria, Libya and Algeria, OPEC has pushed up the cost of crude by almost 90% in the past two years, to an average price in excess of $34 per bbl. That rise has fanned inflation and cut economic growth around the world. More important, it has led businesses and individuals to reduce consumption and start looking to such alternative energy sources as coal, natural gas and solar power...
...biggest losers from these changes in the world energy market are three of OPEC'S leading price hawks: Libya, Nigeria and Algeria. These countries have steadfastly forced customers to pay as much as $40 per bbl. Since April, output in Libya has dropped by nearly 60% to 750,000 bbl. daily. The decline has been steep as well in Nigeria and Algeria. Both nations have limited petroleum reserves but large populations and ambitious economic development programs that they hope to pay for with the income from oil exports...