Word: arabia
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Dates: during 1980-1989
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Politically, however, Saudi Arabia remains stable. The House of Saud is closely allied with the country's religious leadership and controls the key sectors of the economy. Most observers agree that oil prices could fall much further without affecting the family's rule...
...fortunate ones can scarcely enjoy their energy feast, however, without noticing the look of distress on the faces of their neighbors. For the same plunge that benefits oil users has battered the regions that produce petroleum. In Saudi Arabia, an Egyptian worker is likely to lose his high- paying job and return home to poverty. A Mexico City family may no longer be able to afford meat and vegetables because government food subsidies have been slashed. A well-drilling entrepreneur in Oklahoma could face bankruptcy and the loss of his business to creditors. A bank loan officer in California...
...extolled the benefits of cheap oil and avoided talking about the dark side. But last week the Administration showed the first signs of concern about the disruption of domestic oil production. Speaking to reporters on Monday, Energy Secretary John Herrington laid down a warning to Saudi Arabia, the country that helped start the current price war by drastically boosting its output. The kingdom's strategy has "created severe problems for the American petroleum industry," Herrington said, and could have "political implications" for the Saudis if they continue...
Though oil prices have been drifting downward since 1981, the current price war began when Saudi Arabia got fed up with its OPEC partners. For years the kingdom, which holds about one-fourth of the world's oil reserves, tried almost single-handed to prop up prices by curbing its production. The country wound up slashing its output from a peak of 10.3 million bbl. a day in 1981 to ! a low of 2 million bbl. a day last June. During that time its annual oil revenue fell from $113 billion to $28 billion. Many of the other twelve countries...
Indonesian Energy Minister Subroto gamely tried to work out a compromise plan to cut production, but several delegates refused to budge. "Not one barrel," said Venezuelan Oil Minister Arturo Hernandez Grisanti, who is currently OPEC's chairman. Even as Saudi Arabia's Yamani was calling for other countries to cut back, he was at work in his Geneva hotel room lining up a large order for new oil deliveries, according to Kenneth Miller, executive editor of Petroleum Intelligence Weekly...