Word: arabia
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Dates: during 1980-1989
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...past six weeks, three leading gulf producers -- Saudi Arabia, Kuwait and the United Arab Emirates -- have opened their spigots, increasing OPEC's total output nearly 10%, to 21 million bbl. a day. Because worldwide demand for OPEC's crude amounts to only about 19 million bbl., the overflow has created a price-dampening glut. West Texas Intermediate, the benchmark U.S. crude, fell earlier this month to $12.60 per bbl., a drop of nearly $3 from its level in August and more than $7 from a year ago. The price edged upward last week, closing at $14.92 per bbl., reflecting expectations...
...fighting has ended, Iraq will have enough pumping capacity to increase its production even more, from a current level of 2.7 million bbl. a day to about 3.5 million bbl. a day within the next 18 months. With 100 billion bbl. of reserves, Iraq ranks second only to Saudi Arabia among the world's producers. By contrast, Iran's heavily war-damaged oil facilities are currently unable to pump more than its quota of 2.4 million...
...Saudi Arabia was not far behind. Earlier this month it declared in a statement, "Saudi Arabia has done enough for OPEC. The kingdom cannot accept that some members have production privileges and others not." Fearing a loss of market share to other OPEC producers, the Saudis boosted their output at least 15%, to more than 5 million bbl. per day. Just as it did in 1986, OPEC's longtime leader is trying to force restraint upon oil producers by pushing prices uncomfortably low. The Saudis last week sounded conciliatory, however, possibly because they believe their point is getting across...
Arab countries, including such moderate states as Egypt, Jordan and Saudi Arabia, have rallied behind Iraq, charging the U.S. press with overdramatizing the situation. These states, preoccupied with the threat posed to them by Iran's fundamentalist regime, are wary of undermining Iraq at a critical stage in the cease-fire. Moreover, no Arab state is eager to antagonize Iraq, which has the strongest army in the region. The Arabs also sympathize with Baghdad's contention that a U.N. investigation would set a dangerous precedent...
...crude, dropped 4%, to $14.18 per bbl. -- its lowest level in nearly two years. Reason: although OPEC agreed last month to hold daily output to 15 million bbl., some 20 million bbl. are flooding the market each day. Among those exceeding their quotas are Iraq, Kuwait, Saudi Arabia and the United Arab Emirates. If Iran and Iraq forge a lasting peace, analysts believe both countries could boost their production levels still more...