Word: arabian
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...example, the West were to lose Saudi Arabian oil for a year, U.S. GNP would drop $272 billion, while inflation would skyrocket by 20 percent and unemployment would jump by 2 per cent. And if a war, natural disaster, or sabotage were to cut off all Persian Gulf oil, the GNPs of the U.S. Europe, and Japan would plummet by 13,22, and 25 per cent, respectively. These catastrophes could cause a wholesale shifting of alliances as Western nations pleaded, or fought, for oil-and, the authors claim, could prompt a global war as nations scrambled for diminished oil supplies...
...cartel's fearsome control over oil prices. But after a two-day meeting, the OPEC nations agreed unanimously not to let the war between Iran and Iraq get in the way of boosting the price of oil by $2 to $4 per bbl. The price of Saudi Arabian light crude was hiked $2 and set at $32 per bbl., while the official ceiling price for oil sold by any OPEC member was increased by $4, to $41 per bbl. The price increases will jack up the world's oil bill by an estimated $26 billion...
...began radically manipulating worldwide petroleum prices by increasing the cost of a barrel of crude from $2.41 to $10.95. Since then, oil-consuming countries have paid the oil producers a staggering $370 billion for the precious black product that is essential to industrial survival. Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani warns that oil could easily rise to as much as $60 per bbl. in the foreseeable future...
...years Sheik Ahmed Zaki Yamani has been Saudi Arabian Oil Minister and Mr. OPEC. Just before leaving for this week's meeting of the oil cartel in Bali, Indonesia, Yamani sat down in his Riyadh office with TIME Correspondent Bruce van Voorst to discuss the energy outlook. Some excerpts from the interview...
...spice merchant, Olayan (pronounced o-la-yan) started work in 1937 as a dispatcher for an organization that became the Arabian American Oil Co. and used his excellent English, learned in high school in Bahrain, to make himself invaluable. In time he was negotiating land rights for Aramco and accompanying its resident boss on visits to the Saudi royal court. In 1947, when Aramco began a major pipeline project, Olayan was asked to become a contractor. He mortgaged his house for $8,000, bought four trucks...