Word: crude
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...second time in the past five weeks, OPEC's contentious band of oil ministers were debating what to do about a continuing worldwide petroleum glut that has put intense downward pressure on prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary Saudi Oil Minister, Sheik Ahmed Zaki Yamani. As cameras flashed and video recorders whirred, OPEC's most powerful leader curtly announced: "The meeting...
...buyers' market and abide by agreements to limit production. The collapse of the talks in Geneva demonstrated that such discipline may be beyond them. As a result, the world may be in for the first sharp break in oil prices since OPEC quadrupled the cost of crude almost a decade...
Word of a possible Saudi price cut had an immediate impact. In spot markets, where shipments of oil that are not part of long-term contracts are traded, the cost of crude dropped to about $30. Some experts believe that the price will eventually drop below this level, but even if $30 became the new OPEC price, it would represent a 12% decline. Any reduction, in fact, would be like a huge tax cut for the world economy, which could help end its worst downturn since the 1930s...
...California-threatened to turn to other suppliers if the Saudis did not lower their price. At conferences in London and Geneva, Yamani huddled with top executives from the four firms, who brought confidential figures to show the oil minister how much they were losing by staying with Saudi crude...
...shocked to read the headline "Dead Babies" over an article about abortion in Monday's Crimson. Abortion law is a serious issue, and to print macabre jokes about is in a newspaper is crude, offensive, and irresponsible. Reger Gould...