Word: arabism
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Dates: during 1980-1989
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...Organization of Petroleum Exporting Countries confirmed that the group has in effect abandoned any effort to curb its production, thus ensuring a worsening global glut. Meeting in Vienna under dark snow clouds, a committee of oil ministers from five OPEC nations--Venezuela, Indonesia, Iraq, Kuwait and the United Arab Emirates--declined to propose any new output limit for the 13- member group. Their decision goes along with the strategy being pursued by Saudi Arabia, Kuwait and other wealthy oil producers, who are flooding the market with excess petroleum. These countries aim to push prices excruciatingly low so that non-OPEC...
...only at 15 million bbl. As a result, prices are plunging while the countries wait to see which one will be the first to blink. The standoff could bring months or even years of rock-bottom energy bills. Says Mani Said al-Oteiba, Oil Minister of the United Arab Emirates: "The price war is here." Adds Constantine Fliakos, senior petroleum analyst at Merrill Lynch: "It's a case of everyone for himself...
...sinuously boyish charm by Richard Gere) has more pressing problems. He has candidates in trouble all over the map: a Governor's divorce and remarriage in the far West; a rich candidate's cabbageheaded stupidity in the Southwest; the hold on a Midwestern senatorial candidate by agents of an Arab oil state. The true purpose of these cliches and intrigues is to supply Power with some paranoiac melodrama of the kind that is nowadays never absent from movies about American politics. Pete may be involved, either as unwitting coconspirator or victim, in something more menacing to the commonwealth than...
Halfway around the world from Cancun, a similar flurry of nervous consultation took place. In the Saudi Arabian capital of Riyadh, Hussain Lwasani, the Iranian Foreign Ministry's director for African and Arab affairs, met with Saudi Foreign Minister Prince Saud al Faisal. Lwasani's mission, said a Saudi spokesman, was "related to the current oilmarket situation." A day later, Major Khoualdy Humaidi, a member of Libyan Strongman Muammar Gaddafi's governing Revolutionary Command Council, showed up for a session with Saudi King Fahd. Later, it was announced that the 13-member Organization of Petroleum Exporting Countries would hold...
...American sanctions and the simultaneous sharp decline in oil prices have reduced Khadafy's oil income in recent weeks from an annual rate of $8 billion to an estimated $6 billion, and he may have to make substantial cuts in aid to Arab radicals...