Word: crude
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...create an avalanche of rumor and speculation. Last week the energy industry worldwide was abuzz over Yamani's latest actions. With an OPEC meeting scheduled for Oct. 3 in Vienna, the mercurial minister let it be known that he had entered negotiations that could lead to lower Saudi Arabian crude prices for some customers. The move was seen by many as evidence that prices of the hard-pressed OPEC cartel might be on the verge of cracking. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "The era of official prices is ending...
...when Derek Bok allots $1 million in University funds to finance student, faculty and staff activities to fight apartheid, respondents attribute the move to crude political motivations and preemptive maneuvers to dislodge Harvard's divestment movement. We call Bok inconsistent, accuse him of abandoning earlier stances on South Africa, ridicule the size of his fund, and question his morality. Students interested in South Africa claim victory for the divestment movement, mark Bok's move as a concession and a failure by the Harvard Corporation to justify its stand against divestment and dismiss the value of any such fund...
...about 2 million bbl. per day currently, Saudi Arabia now appears eager to move its merchandise again. Traders believe the country will try to double its sales by quietly offering price cuts that could include a $3-per-bbl. drop for its Arab light crude, to $25. Saudi Arabia has been virtually the last OPEC member to stand firmly by the group's official prices. The country's large discount would further reduce the organization's already faint voice in setting global petroleum prices...
...Soviet Union will consider itself free" not just to test but to deploy its own ASAT. The stick, however, was not especially menacing. The State Department pronounced the Soviet threat to have "little practical meaning" since the Soviet ASAT is already operational; in any event, American experts consider it crude and slow. The Pentagon announced that it would proceed with its ASAT test, reportedly this Friday...
...debt, now estimated to be $22 billion to $25 billion. Half of all Nigeria's annual oil revenues ($12.4 billion in 1984), which account for 95% of its total export earnings, are believed to be sucked up by interest payments on the debt. Moreover, as the world price for crude oil has declined over the past four years, Nigeria's revenues have been cut in half. Buhari had been seeking an IMF loan of $2.5 billion to $3.5 billion to help deal with the growing economic crisis, but he had refused to accept the international agency's demands that Nigeria...