Word: canalize
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Dates: during 1950-1959
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...vote of 63 to 5, with ten abstentions, the resolution passed. A few minutes later the Assembly, by an even more one-sided vote (65 to 0 with nine abstentions), authorized Hammarskjold to continue the negotiations he had begun with Dutch and Danish firms for clearance of the Suez Canal. With this vote went all Anglo-French hopes of getting the canal open on their own terms...
Gamal Abdel Nasser, no longer talking about "a role wandering the Arab world looking for a hero," last week issued a conciliatory statement designed to show that he 1) is not a Russian pawn, 2) is willing to respect international law (though he did not mention the Suez Canal) and 3) has no ambitions to dominate an Arab empire. Excerpts...
Nasser, sore throat and all, set to work reorganizing Egypt's battered armed forces and totting up his new economic worries. With canal revenues blocked along with the canal, and with Egypt's cotton income mortgaged for years to pay for Communist weapons, Nasser was likely to find himself more than ever in need of economic help-from the West if possible-if he was to keep both his power and his promises...
...Suez Canal closing was also beginning to pinch the Arabs. With its markets cut off, Kuwait, the biggest Middle East producer, cut back production to an estimated 75% of its normal 1,200,000 bbls. daily; Iraq's Kirkuk field is down to 200,000 bbls. daily from a normal 700,000 bbls. daily, and in Saudi Arabia, Aramco has reduced production 30% from its usual one million-plus barrels daily...
...question on which all oil calculations depend is: How soon will the Suez Canal be open again? By last week the first optimistic predictions of three months' work had turned to talk of six months' or more. Once the work is under way, salvage experts hope to clear a shallow channel for ships of 25-ft. draft in a few weeks. Then tankers plying the cape route to Europe from the Persian Gulf could take a short cut through Suez on the empty return trip, cut their time by 25% and costs proportionately...