Word: crude
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...demand for crude falls, the group cuts prices for the first time...
...truly troubled and with OPEC distressed, OPEC's major crisis is no longer suppressed, The market is stagnant, the price of crude oil depressed...
...reduction in the bench-mark price, many oil buyers still balked. Said Barry Good, senior oil industry analyst with the Morgan Stanley investment firm: "I have a sense that the traders believe the price has to drop more." U.S. Energy Secretary Donald Hodel predicted that the cost of crude would fall to about $25; some experts, including Alan Greenspan, chairman of the Council of Economic Advisers under Gerald Ford, see it going perhaps to $20 unless OPEC sets lower quotas...
Whether or not prices keep tumbling may depend on the actions of OPEC'S oil-producing competitors. Mexico, which last week lowered the charge for its Isthmus crude to $29 per bbl., is staying in line with OPEC prices. Egypt, however, lowered the price of its best crude from $29 to $27.25, and the Soviet Union has been aggressively discounting its oil to raise foreign exchange (see box). At the same time, Britain is under pressure from customers to undercut OPEC by dropping the $30.50 per bbl. price on premium-quality North...
...Greek skipper of the Salem. The South African government has no intention of pressing the matter. After all, explains Minister of Mineral and Energy Affairs P.T.C. Du Plessis, South Africa operates in the world petroleum market under "extremely unfavorable conditions." And besides, he contends, the buying of crude oil, even under ordinary circumstances, is "always risky...