Word: crude
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...French, in an effort to preserve a balance of power in the region, have sold Iraq more than $4 billion in arms since the war began. Although no figures on new arms sales were revealed, French officials agreed to triple imports of Iraqi crude oil to help Iraq pay for arms purchases. On his departure, a grateful Aziz warmly thanked his "French friends...
...losers in all three markets were oil-drilling and oil-service stocks. The global glut that drove down crude prices also explains the comparatively meek rise in the Amex index: it is loaded with oil stocks. Its best stock last year, SMD Industries, makes picture frames and stationery. The shares rose by 592%, mostly on the strength of SMD's rights to make school supplies and stationery bearing the likenesses of two of the year's heroes...
...frequently bitter two-day session merely papered over conflicts that have been brewing since 1981, when the global recession helped spawn a worldwide oil glut. The 13 member nations agreed to let OPEC's bench-mark crude-oil price stand at $34 per bbl., its level for more than a year. They also approved a 1983 production limit of 18.5 million bbl. per day. That would be about the same amount that members pumped during 1982, but it would be higher than the 17.5 million-bbl. ceiling that OPEC set for itself last March. Said a U.S. oil-company...
...reason for that optimism is the brightened energy outlook. World oil supplies are ample, and the price of crude is more likely to sink than spurt. In an effort to raise cash, several members of the Organization of Petroleum Exporting Countries have been overshooting their production quotas and offering customers discounts off the cartel's $34-per-bbl. official price. "OPEC's quota and pricing system may be on the verge of breaking down," said Board Member James McKie, an economics professor and energy expert at the University of Texas. If that happens, McKie added, oil prices could...
...many countries found themselves increasingly strapped for dollars with which to pay their mountainous debts. Among the most surprising victims were a number of oil-exporting nations: Mexico and Nigeria, to name two. Two years ago, the 13-nation OPEC oil cartel gloatingly held the world at ransom for crude oil at prices that eventually exceeded $40 per bbl. But the combination of recession and conservation caused prices to weaken, and by year's end the price of crude had dropped to $30 per bbl. and appeared to be headed even lower. Unbelievable as it would have seemed...