Word: crude
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...markdown mania took off as suddenly as a price war on computers or toasters. But the merchandise that went on sale was crude oil. Early last week Norway's state oil company triggered a chain reaction among petroleum exporters by offering its $30-per-bbl. North Sea crude for $28.50. Two days later Britain, a much larger producer, followed suit with a $1.35 cut on its Brent crude, to $28.65. For oil exporters the events were ominously familiar. When Norway and Britain officially discounted their oil in February 1983, the move forced the Organization of Petroleum Exporting Countries...
...made plans for an emergency meeting next week in Geneva, where they hoped to devise a plan for holding the line on prices. But almost immediately after the meeting was announced, a member broke ranks. Nigeria, one of the poorest OPEC countries, cut the price of its Bonny Light crude by $2, to $28, in order to prevent a decline in sales. Nigerian Oil Minister Tarn David-West said the country had to place its own economic health on a higher priority than its loyalty to OPEC...
...ironic reason for the slack demand for so-called sweet crude like Britain's Brent light is that its quality is too high. Traditionally, refiners were willing to pay a premium for light, low-sulfur crude, which is used primarily to make gasoline. But refiners in the past year have improved their technology so that they use more of the less expensive, heavy crude. Thus the so-called sour oil is getting a larger share of the market, and its price has been holding firmer. In the past few weeks Saudi Arabia has boosted its exports of heavy crude...
...pricing problems between light and heavy crude come at a time when the oil industry is just recovering from two years of massive oversupply, caused largely by conservation measures and the global economic slump. Total oil consumption is expected to increase about 3% this year over 1983, thanks partly to strong growth in the U.S. and Japan. But that pace is too slow to satisfy OPEC members, which are currently producing slightly less than their self-imposed quota of 17.5 million bbl. per day, only half their capacity. As a result, OPEC countries such as Libya and Iran have been...
BLUNT ISN'T exactly the word for much of the humor in the text itself. Crude, maybe, or perhaps gross. Styled as a basic "women's literature" textbook, Titters 101 is the image of the abused high school volume, in which every kind of girl wrote notes to her friends and herself. With underlinings in blue and hand-written scribblings in the margins, the book tries its damnedest to give the illusion of being used. Starry-eyed, worldly wise, crude and prude alike have scrawled in the margins. A sampling...