Word: algerias
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...price of oil still higher. The 13 countries decided to set a price ceiling of $32 per bbl. on crude. For certain higher quality grades of oil, the price could go to $37 per bbl. OPEC prices now range from Saudi Arabia's $28 per bbl. to Algeria...
...sell oil for anything less. Since the Iranian revolution set off the latest world oil shortage, the difference between the floor price and the top rate charged by some OPEC members has grown considerably. Now the new ceiling price policy should limit the oil escalation by hawks like Algeria, Libya and Nigeria...
Nevertheless, last week's decision immediately set off some price shifts. While high-price countries like Libya and Algeria did not push theirs higher, Kuwait, Iraq, Qatar and Venezuela announced that they would begin demanding as much as $2 per bbl. more for oil on July 1. Those four countries have been recently charging a basic price of about $30 per bbl. for crude. Saudi Arabia refused to increase its rates for now, but Yamani hinted that he might raise them by $1 per bbl. to $4 per bbl. in order to unify OPEC prices. Some oil experts expect...
...price-propping cuts are Kuwait and Libya, which last week reduced their production by 25% and 17%, respectively, bringing the overall drop in OPEC'S output to 2 million bbl. per day below the autumn 1979 level of 31 million bbl. daily. Some price hikes continue nonetheless. Algeria has put a $3-per-bbl. surcharge on its crude, euphemistically calling it a "down payment against future explorations...
Arguing that prices could be lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state...