Word: crude
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...production cut. Its purpose: to take up slack in the market and prevent petroleum prices from slipping below the cartel's official $34-per-bbl. bench-mark level. Once they had agreed to the cuts, Iran, Libya, Venezuela and several other cash-squeezed member states began pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result, by last week prices on the unregulated spot market had dropped to $29 per bbl., down from an alltime high of $42 two years ago. Meanwhile, a worldwide glut...
Twice in the past ten years the Organization of Petroleum Exporting Countries has sent the price of crude oil spurting, bringing riches to the 13-nation oil cartel and economic agony to just about everyone else. But now the combined effects of conservation and worldwide recession have left oil prices skidding, created a global supply glut where once there was scarcity, and shaken the foundations of the formidable cartel...
Inside a small farmhouse in the Bekaa Valley of eastern Lebanon, eight Palestinian fighters warm themselves around an old kerosene heater. They have spent the afternoon training on a Katyusha rocket launcher that lies beneath crude camouflage in a nearby apple orchard. Most of these men are combat veterans who fled to the Bekaa Valley after the Israeli invasion of Lebanon and the bombing of West Beirut. Yet the war seems strangely irrelevant to their thinking. "First we will drive the enemy from Lebanon," declares a 20-year-old in a calm voice, "and then we will liberate Palestine...
...resulting movements were crude and jerky. Moreover, extending the program so that Nan can turn, sit, squat or climb steps will pose enormous difficulties. At present, the $200,000 system can only direct one foot to move in front of the other. Before it can be put to practical use, Petrofsky's 150-lb. device must be streamlined and miniaturized. "It's a mass of wires right now," says Wright State Technician Harry Heaton. "But it will eventually be a small microprocessor capable of being implanted pacemaker-style." Petrofsky says his system might be ready for commercialization within...
...acquisition of Beijerinvest, a large energy trading company, for $305 million. With the acquisition came 31 oil-drilling sites in the North Sea. In August, Volvo expanded its oil holdings by buying 50% of Hamilton Brothers Petroleum Corp., a private U.S. firm that also explores for offshore crude. Despite weakening oil prices, Volvo's overall holdings have prospered because the company has hedged its bets in other businesses, like food products. Its sales last year of $8.6 billion made it Sweden's largest industrial company...