Word: arabia
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Dates: during 1980-1989
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...members agreed to individual production quotas designed to limit their overall output this year to 17.5 million bbl. per day. That is 1.3 million bbl. less than the average rate for 1982, but 3.5 million bbl. more than the current rate. Said a hopeful Sheik Ahmed Zaki Yamani, Saudi Arabia's Oil Minister: "I have a strong feeling that this [agreement] will work out and that OPEC will be back in the driver's seat...
...that tall bar on the opposite page attests, the biggest oil producer in the world by far is not Saudi Arabia, or even the Persian Gulf nations combined, but the Soviet Union, which is pumping at the rate of 12 million bbl. per day. The U.S.S.R. is at present also the world's largest oil exporter (more than 3 million bbl. per day), and while most of its oil is sold to Eastern Europe and Cuba, more than 1 million bbl. per day go to Western Europe, and that figure is growing...
...that are politically and economically feasible for most of the group's members. In 1977 OPEC nations were pumping at a rate of 31.3 million bbl. a day. Now production has dropped to only about 14 million bbl., and in spite of that the market remains squishy. Saudi Arabia has taken the brunt of the cutbacks. Its production is currently only 3.3 million bbl. a day, roughly a third of its rate of 9.6 million bbl. a day in 1981. The keepers of the kingdom's finances are unwilling to go lower, or even remain this...
Last week the Venezuelans were offered an allotment of 1.6 million bbl. a day, but they wanted 1.8 million. Burdened by a huge foreign debt, Venezuela needs higher oil output to help the country keep up interest payments. The Iranians were totally unrealistic. They demanded that archrival Saudi Arabia lower its output by nearly 10% to 3 million bbl. a day, while Iran be allowed to raise production to match that level. Iran, which is currently exporting only 1.5 million bbl. a day, is desperate to raise money for its continuing war with Iraq, another OPEC member. The threat...
...lawyers said that he would not press legal charges against Tannoury. The victim seemed as worried about his reputation as his money, and with good reason. His brother Ghaith is a prominent Middle Eastern financier, and their father Rashad is a senior adviser to King Fahd of Saudi Arabia...