Word: crude
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...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 still struggling to forge an agreement that would prop up prices by throttling back the world's oil output...
...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...
DESCRIPTION: Crude oil production in millions of bbl. a day by OPEC and non- OPEC countries, 1973-1987; Color illustration of can dripping oil onto head of Arab...
...former three-term Congressman, Hance met with most of the attending ministers and exhorted them to limit production and boost the price of their crude, an activity that has earned him opprobrium in Washington and some appreciation in Texas. Said an Administration official: "It's his personal business. It's nothing we condone, but we can't stop him." Hance contended that he has no interest in any formal alliance with OPEC, but he added, "What they do here in Vienna has more effect on the Texan economy than what the ! state government does in Austin...
...rafts must be constructed by the contestants and that no motors are allowed. A popular flotation strategy has been to use kegs or inner tubes, and for propulsion, past participants have used pieces of wood attached to dining hall trays as oars. Raft designs have included crude constructions of planks, an elaborate Viking raft, and last year's Eliot House entry--a preppy raft complete with putting green...