Word: colombia
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...first time in the history of the Organization of Petroleum Exporting Countries that the group has met officially with ministers from nonmember states, in this case Angola, China, Colombia, Egypt, Mexico, Malaysia and Oman. As the oil czars gathered, the petroleum industry watched and wondered: Was a new, super-OPEC forming? Just the prospect of the meeting had sent the price of West Texas intermediate, the benchmark U.S. crude, rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were...
...Vienna six of the seven non-OPEC summiteers (Colombia excluded) came up with a proposal for boosting prices. They promised to cut their crude-oil exports by 5% if OPEC would do the same. The cutback would be easier for the smaller group to accomplish than for OPEC. Among the six, a 5% reduction would amount to only about 200,000 bbl., while for OPEC it would be more like 700,000 bbl. In return, OPEC members debated a counterproposal that would reduce the group's total production...
...Attorney General in Colombia is about as secure as that of a high- wire acrobat. In January, Attorney General Carlos Mauro Hoyos Jimenez was kidnaped and brutally murdered by henchmen of the Medellin cocaine cartel for advocating the reinstitution of a Colombian-U.S. extradition law. Now his replacement, Acting Attorney General Alfredo Gutierrez Marquez, 63, has resigned. The reason: cocaine traffickers had used an airstrip on a ranch owned by his brother Libardo, 70. Gutierrez may have lacked the right attitude for his job anyway. Three weeks after assuming his post, he suggested that the best way to defeat...
Established in the 16th century by Spanish conquistadors looking for the fabled riches of El Dorado, Medellin has long been Colombia's main industrial center. On windless days, the skyline is smothered in smog, and a blue haze of pollution drifts upward into the Andes. Medellin-born Fernando Botero, probably Latin America's most renowned contemporary artist, captures the city's self-assuredness in his exaggerated canvases of local life, several of which hang in the Medellin museum. The pinched mouths and tiny noses of Botero's overfed men and women suggest the provincial smugness of an entrepreneurial society that...
That spirit found a new expression in the late 1970s when the cocaine business came to town. The coca plant, from which the substance is derived, grows best not in Colombia but in Bolivia and Peru, where the leaves are made into a rough paste. But turning the paste into the white powder that foreigners consume in such prodigious quantities requires laboratory facilities and technical skills. Medellin had them, as well as convenient proximity to the huge U.S. market and a work force willing to take risks. "There has always been an entrepreneurial spirit in this city," says Jaramillo. "These...