Word: crude
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...just that. But after the most fractious meeting in OPEC's history-it was a "bazaar" in the scoffing description of Saudi Arabia's Oil Minister, Ahmed Zaki Yamani-the cartel failed to agree on any uniform price. Instead, each country will fix the cost of its crude. The cartel also failed to set limits on production, as some of its hawks sorely want to do. In fact, the divisions were sharp enough to raise questions about the future of OPEC. While its members' separate price rises will cause immediate pain to the rest of the world...
...already suffering increasing economic upset from energy inflation, and now the malaise will worsen. According to Administration calculations, the cost of crude oil imported into the U.S., which last month averaged $25 per bbl., will rise to from $28 to $30. Several of the nation's most important OPEC suppliers, including Nigeria and Libya, are also among those that lifted their prices the most...
...OPEC's failure to agree on a single price presents the oil-importing nations with a rare chance. If they substantially reduce their consumption of crude, prices at long last could be braked. Decreasing demand for petroleum can easily stampede OPEC's members into a back-stabbing rush to hang onto their customers by offering all sorts of discounts and deals. Already there are signs that this year's 100% increase in crude oil costs is beginning to crimp cartel sales. U.S. oil imports dropped by 8.5% during November to 7.9 million bbl. daily, suggesting that...
...controversy surrounding Aramco underscores the internal tensions within the U.S. over the nation's alarming dependence on foreign crude. The oil industry must have billions of dollars to expand U.S. drilling, exploration and other energy-producing investments that are needed to escape OPEC's hold, and Aramco's megaprofits are a big help. But to ensure those profits and continued access to foreign crude, the company has to walk a finer and finer line between the steadily diverging interests of producing and consuming states...
Then there is oil. An exporter only since 1974, Egypt will sell $1.1 billion worth of crude this year, accounting for 40% of its trade income. Never a member of OPEC, the country doubled the price of its oil early this year and now charges a robust $34 per bbl., except for what is sold to Israel. Egypt reportedly agreed to sell oil to the Israelis at a price of roughly $27 per bbl. in the hope that this would encourage investment in Egypt by Jewish-American businessmen. Oil-exploration deals have been signed with a number of Western firms...