Word: benchmark
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Dates: during 1980-1989
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...ministers hope to avoid repeating their desperate move of March 1983, when they were forced to make the first and only price cut in OPEC'S history, a markdown of its benchmark Arab Light crude by $5 per bbl., to $29. Since then, energy conservation and sluggish world economic growth have helped push oil prices even lower, despite OPEC's self-imposed production limit of 17.5 million bbl. a day. Ministers hinted last week that they might reduce their output to about 16 million bbl. a day. By comparison, the group's daily production...
...Brent crude, to $28.65. For oil exporters the events were ominously familiar. When Norway and Britain officially discounted their oil in February 1983, the move forced the Organization of Petroleum Exporting Countries to make its first price cut in history, a $5-per-bbl. markdown, to $29 for the benchmark Arab Light crude...
Taken alone, last week's price cuts will have little impact on fuel prices in the U.S. But if they force OPEC to cut its benchmark Arab Light by about $1.50, to $27.50, gasoline prices in the U.S. could fall by about 30 per gal. Lower energy prices would spark more economic growth. But a fall in oil revenue would aggravate the problems of such countries as Mexico and Venezuela, which depend largely on oil income to pay their enormous foreign debts. Their trouble could extend to the dozens of U.S. banks that hold Latin American loans...
Nonetheless, other authorities maintain that the OPEC benchmark will have to come down at least $1.50, particularly since Nigeria is selling on the cheap. The true market price of oil, if all producers exported at will, would be about $20 per bbl., and OPEC must at least partially close the gap between that price and the official $29 level. Said Safer: "My guess is, the OPEC countries will come to their senses." In a speech to a gathering of energy experts in London, Energy Secretary Donald Hodel predicted last week that world prices could fall...
...mouth. All along it was to be the first time that a woman contender for national office had trod on the dueling ground of televised debate. Then, after Ronald Reagan's unexpectedly weak performance against Walter Mondale, the match-off between running mates also became a potential benchmark scoring opportunity for Democrat Ferraro. The challengers had a chance to claim two underdog victories in quick succession and keep their comeback momentum rolling...