Word: aramco
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Overseas, the threat to Exxon is even greater. Incoming Venezuelan President Carlos Andres Perez has pledged to take over all foreign oil concessions, including plants and equipment, long before present agreements expire in 1983. The Saudi Arabian government has already bought 25% of Aramco, has negotiated an agreement to take over 51% by 1982, and will probably exert control much sooner...
Choice Area. It is clear, though, that producing governments will increasingly call the tune. Saudi Arabia has already slowed an ambitious Aramco expansion program, and will likely permit output to rise only slowly from the present 7.3 million bbl. a day even after the embargo ends; Faisal's government has little need for the revenues that additional sales would bring. Thus Aramco has next to no chance of boosting production to 20 million bbl. a day by 1982, as it once planned. That Saudi policy alone will keep worldwide oil supplies tight for years to come...
Back in Saudi Arabia, Yamani went into government service. In 1958 he was appointed legal adviser to the nation's Council of Ministers, and by 1962 was Minister of Oil. Deeply trusted by King Feisal, he was in constant contact with Aramco, the giant U.S. oil company...
...companies from as many as four consuming nations. Although British Petroleum has a 40 per cent interest in Iranian oil, a concern owned jointly by the Dutch and the British--Shell, 11 American companies, and a French concern all have minor interests. The most important of these cartels is Aramco, formed by Standard Oil of New Jersey, Mobil, Standard Oil of California, and Texaco in partnership with the Saudi Arabian government, which controls the richest oil deposits in the world...
Over the years Socal was joined by three other oil giants?Exxon, Texaco and Mobil?to form the Arabian American Oil Co. (Aramco). Western-owned oil companies in the Middle East were able to drive one-sided bargains with the weak, quarreling and often ignorant Arab regimes. The corporations controlled exploration, production, shipping and marketing, and paid the governments as little as they could...