Word: crude
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Dates: during 1970-1979
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...which Saudi Arabia last month boosted its own production in an effort to stabilize prices. The reductions would give a renewed upward push to prices worldwide, notably on the all-important spot market. That is a loose telephone network of traders who buy and sell the small amounts of crude that are not locked up under long-term contracts...
...Nigerian and Algerian governments argue that the cuts are for purely technical reasons, to prevent the damage to their oilfields that would result if they continued indefinitely pumping out crude at recent rapid rates. Nigeria's claim may be partly justified, but Western oilmen charge that Algeria's alleged cutback is nothing more than a sleight of hand. Algeria is secretly selling the oil for top dollar to spot-market buyers. Reports a high oil company executive: "What appears to be a cutback is really just a diversion to the spot market. This is more than a suspicion...
Oilmen also accuse Nigeria of unabashed price gouging. Though cartel members agreed in June not to tack surcharges on top of the maximum $23.50 per bbl. for their crude, Nigeria for weeks has been demanding a $5 per bbl. premium on as much as half of its exports...
Some companies, including Spain's state-owned Hispanoil, have refused to meet the extortionate price, but others may cave in soon if supplies grow much tighter. Late last month tiny Qatar had no difficulty auctioning off 3.2 million bbl. of crude for an excessive $34.30 per bbl. to Japanese importers as well as a Lebanese company, Gatoil International, for delivery to its Swiss subsidiary...
...operations. The Lagos government declared that it was punishing BP for supplying oil to South Africa in violation of a Nigerian boycott, a charge that the company denies. The takeover deprives BP of an estimated 300,000 bbl. per day, but the Nigerian government is offering to sell the crude to any taker on the spot market, presumably including...