Word: chaalal
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Dates: during 1970-1979
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...price increases on manufactured goods the oil producers buy. The world recession has reduced demand for oil enough to create a sizable glut, but OPEC members are cutting production rather than making any substantial reduction in prices. "We are masters of the oil price," declared Messaoud Aït-Chaalal, chief Algerian delegate to the Paris conference...
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