Word: aramco
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...search for more domestic energy comes at a time when Saudi Arabia, the U.S.'s principal foreign supplier of crude, is once again showing its clout in world oil. That country last week paid an estimated $2 billion to buy the remaining 40% of Aramco, which produces the bulk of Saudi oil, from a consortium of four American oil producers, Exxon, Mobil, Texaco and Standard Oil of California. Americans will continue working for Aramco, but only in technical and managerial roles. The kingdom's Oil Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign...
...bian American Oil Co., issued a statement that it would be "extremely unfortunate" if the show were to hurt U.S.-Saudi relations, but insisted it would not try to inhibit its being shown by threatening to cut off its PBS spending. Mobil, another PBS angel and Aramco partner, ran an ad on the New York Times's Op-Ed page denouncing the film as "a fairy tale" and urging PBS management to "review its decision" to run the film "in the light of what is in the best interests of the U.S." But again, there was no economic...
...their middleman role, Aramco's American chiefs plainly have divided loyalties. From Chairman John J. Kelberer, a career-long Aramco engineering manager, on down, executives remain determined to do nothing that would anger their Saudi hosts or jeopardize the company's concession. During the 1973-74 Arab oil embargo, Aramco's executives not only did as they were told by the Saudi government, but cut back production by more than requested just to show that they were good Saudi corporate citizens...
...extremely wary of divulging details of their business, and slips can prove costly. Example: much of Saudi Arabia's ability to restrain OPEC from driving up prices has depended on whether the Saudis can convincingly threaten to boost production enough to create periodic petroleum gluts. Yet high Aramco officers are among the few people who know the real size of Saudi Arabia's production capacity. Last spring Exxon and Socal divulged to the Justice Department, in its ongoing anti-trust investigation of the oil industry, that Aramco had little spare capacity. That statement helped to undercut Saudi influence...
...controversy surrounding Aramco underscores the internal tensions within the U.S. over the nation's alarming dependence on foreign crude. The oil industry must have billions of dollars to expand U.S. drilling, exploration and other energy-producing investments that are needed to escape OPEC's hold, and Aramco's megaprofits are a big help. But to ensure those profits and continued access to foreign crude, the company has to walk a finer and finer line between the steadily diverging interests of producing and consuming states...