Word: arabia
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Dates: during 1980-1989
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...less critical than expected, the only question for the Administration was when to end the embargo. Nonetheless, Washington hoped to gain some concessions from Israel in return for lifting it-perhaps even an end to Jerusalem's opposition to U.S. sales of AWACS early-warning aircraft to Saudi Arabia...
...brief moment last week, it looked as if the two years of chaos in the world's oil markets were ending. Saudi Arabia appeared about to force its moderate pricing policy on the 13-nation Organization of Petroleum Exporting Countries. But then, after a week of frantic negotiations behind closed doors in Geneva's luxurious Intercontinental Hotel, the oil ministers broke up in deadlock. Instead of agreeing to a compromise formula that would have reunified OPEC's crazy quilt of prices, which range from a low of $32 per bbl. to a high...
...Saudi Arabia, OPEC's biggest single producer, sees the new market situation as an opportunity to replace OPEC'S current pricing free-for-all with a system of regular and more moderate price rises. The desert kingdom has adopted this strategy because its own oil interests are very different from those of the price hawks. Saudi Arabia has a small population and almost inexhaustible petroleum reserves. It wants to keep price increases moderate so that the industrialized countries will remain important clients for Saudi oil well into the 21st century and will not rush to adopt significant conservation...
...force down the prices charged by OPEC's hardliners, Saudi Arabia since last October has been pumping upwards of 10.3 million bbl. per day of crude, or 20% more than normal, and selling it for a base price of $32 per bbl., the lowest available from any OPEC member. The result: a temporary worldwide miniglut that has swelled inventories in the consuming nations and put pressure on oil exporters to cut prices...
...start of last week's Geneva meeting, oil experts believed Saudi Arabia's tactics had paid off and that a behind-the-scenes compromise deal had been cooked up. The purported agreement: the Saudis would raise their price to $34 per bbl., while the rest of OPEC would drop down to match it. In return, Saudi Arabia would cut production to about 8.5 million bbl. daily, thereby tightening the market and helping to support the new price...