Word: crude
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...intended as a coming-out party for Iran's reborn oil industry. Unfortunately, when Hassan Nazih, the new director of the National Iranian Oil Co. (NIOC), pressed a button that was supposed to start crude oil flowing into the hold of a waiting supertanker, nothing happened. After 68 days of no petroleum exports at all, Iran had to wait another five minutes while technicians hurried to locate and repair an electrical malfunction in the pumping equipment. For the assembled crowd of government officials and oil workers, the delay was an embarrassment. For the oil-thirsty nations of the world...
...with OPEC countries that will not honor their legally binding contracts. Said Clifton Garvin Jr., chairman of Exxon: "It is our belief that we should not buy oil at present high spot market prices." Others do not seem so confident. Last week Royal Dutch/Shell, a major customer of Iranian crude before the ouster of the Shah, was back in the loading queue for a new supertanker cargo at an undisclosed price...
...rapid run-up in prices. Oil industry profits for this quarter are expected to rise anywhere from 20% to 40% above last year's. Among the reasons: inventories acquired at last year's prices are becoming more valuable as OPEC pushes up the worldwide cost of crude. The largest gains will come from operations in Western Europe, where retail prices are largely uncontrolled...
...will see first-quarter profits leap by 517% over last year's earnings; one reason is the deals that the firm has been rushing to slap together during the crisis. Last week Ashland eagerly paid an exorbitant price, about $19.50 per bbl. for 300,000 tons of Iranian crude, even though the company's inventories are all but overflowing. Ashland executives had no firm idea of what to do with the shipment, though they hinted that they might try to resell it in the coming weeks at an even higher price than they paid for it. Says Chairman...
...indictments, and the continuing investigations, center on violations of the Government's six-year-old, two-tier price structure for domestic crude. This sets a low rate (now an average $5.65 per bbl.) for "old" oil already in production and, as an incentive for more exploration, a higher price (now $12.53) for "new" finds. The fraud involves false certification and sale of the cheaper "old" oil as expensive "new," an easy matter of fixing papers to hide origins, since all the crude looks the same...