Word: crude
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Dates: during 1950-1959
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EGYPT. The $250 million barter deal that the Soviets negotiated with Nasser in September 1955 has cost Egypt dearly. What Egypt got was Czech arms-many of which were captured by the Israelis-plus such items as crude oil of such a high sulphur content that it damaged Egypt's refineries, and newsprint so coarse that it tore up Cairo's high-speed Western presses. In return. Nasser gave the Soviets a long-term mortgage on Egypt's cotton crop, the nation's No. 1 source of income. The Soviets started off by reselling Egypt...
...Brazil a small, hitherto unknown company named Torgbraz came to the fore as the Soviet Union's trading arm. Run by a retired Brazilian colonel and a "refugee" from Russia, Torgbraz (Trade-Brazil) offered to supply Petrobras, the state oil monopoly, with crude oil, drilling and refinery equipment on either "short-or long-term payment." (At present Petrobras gets equipment from U.S. companies on strictly businesslike terms...
...West Coast oil importers last week went a request from Washington to cut their imports of crude oil during the first half of 1958 from a recent rate of 300,000 bbl. a day to 220,000. The import curb was no surprise, since Washington last July forced oil companies east of the Rockies "voluntarily" to reduce crude oil imports to protect the market for politically powerful U.S. independent oil producers. Nevertheless, the latest pronouncement drew sharp and angry protests from such companies as the Richfield Oil Corp., which was ordered to import no more than 9,100 bbl. daily...
Cure for the Surplus. Meanwhile, the U.S. oil glut that prompted the import curbs is being cured. Oil imports were well under the quotas, and inventories of U.S. crude stocks were down to 279 million bbl. from 288 million last July, when import curbs were first applied. This was only 14 million bbl. more than companies reporting to the Texas Railroad Commission, a potent instrument of the domestic oil producers, recently set as desirable and normal operating stocks. During the next two months, Washington is expected to consider whether voluntary import quotas will be needed for the year beginning July...
...roads around rather than through the moose land, by keeping oil from wells from polluting the marshes. Oilmen are expected to accept these conditions, and the stiffer leasing rules. For one reason, they are anxious to get along with the Fish and Wildlife Service in case huge reserves of crude are discovered under other gamelands...