Word: crude
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...Indonesia has in effect failed to post the immediate 10% increase that it voted for in Qatar. Instead, the Indonesians have increased prices less than 6% on a grade of crude that accounts for more than half the country's output. The motivation seemed to be a desire not to tempt Japan-the buyer of most of Indonesia's oil-to turn to Saudi Arabia for oil. Said one official of the Mining Ministry: "What is the fun of fixing high prices if the Indonesian crude subsequently is not sold...
...reason is that BP has huge interests in the world's two most exciting sources of new crude, Alaska and the North Sea. The BP-Sohio partnership has leased the largest chunk (its proven reserves: 5.1 billion bbl.) of Prudhoe Bay fields on Alaska's North Slope. According to an agreement between the two companies, as the flow of Alaskan oil increases so will BP's share in Sohio, rising from 26% now to 51%, probably some time next year. In the North Sea, BP's wells are expected to produce more than 650,000 bbl. a day by 1980?...
Early Warning. By then, BP had bought up concessions all over the Middle East. But the Iranian nationalization served as an early warning that the region's political instability made dependence on Middle Eastern crude risky. Realizing that its other concessions in the Middle East and North Africa might be nationalized too?in fact several of them have been?BP's management foresightedly stepped up the search for oil in politically friendly (though environmentally frigid) climates, from the North Sea to the Labrador shores and Alaska's North Slope. The company began buying leases in Alaska as early...
Under a tacit agreement, the British government has left BP's managers free to go their own way, even when they have strained politicians' patience. During the 1973 Arab oil embargo, BP diverted shipments of Middle Eastern crude away from Britain, where prices were under government control, to Germany, where the market was free. The same year, BP pulled out of the unprofitable Italian market, with never a word from Whitehall about what that would do to Common Market solidarity...
...Marie Laurencin, but why include a third-rate vendeuse of exotic surrealist tack like Leonor Fini? In such company, artists like Georgia O'Keeffe, Paula Modersohn-Becker, Kathe Kollwitz, Nataliia Goncharova and Sonia Delaunay look extraordinary; one's eye goes with relief to Goncharova's crude, provincial but raucously vital cubist portrait of her husband Mikhail Larionov (1913), the face kippered flat and streaked with voracious slashes of color; it luxuriates in the shimmer of rosy light, circle on circle, that fills the surface of Delaunay's masterpiece of 1916, The Flamenco Singer. Moreover...