Word: crude
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...Dallas, the quarrelsome clan that is the OPEC cartel serves as a comforting reminder that the rich have troubles too. OPEC's bench-mark oil price of $28 per bbl. has lately been undercut by non-OPEC producers like Mexico, which last week slashed prices on its best light crude by $1.25 per bbl., to an average of $26.50. Several OPEC members have been cheating on the cartel's production quotas, thus contributing to an oil glut and sliding prices on the world market...
...hold more talks on July 22 in Geneva. Oil Minister Sheik Ahmed Zaki Yamani of Saudi Arabia, which has OPEC's richest reserves of both oil and cash, has reportedly threatened that if there is no progress in Geneva, his country will double its current production of crude, which could send the price below $20 per bbl., its lowest level since 1979. The oil producers' loss would be a big gain for the U.S. and other industrial economies. CLOTHING All in the Family...
...terms with nature simply means coming to terms with its neutrality, and that ultimately means coming to terms with oneself. If some "trick" was played by nuclear fission, it was people who played the trick on themselves. In a lecture to fellow scientists, Oppenheimer said, "In some sort of crude sense which no vulgarity, no humor, no overstatement can quite extinguish, the physicists have known sin; and this is a knowledge which they cannot lose." Oppenheimer's presumption is that the physicists, as people, had not known sin before making the Bomb, which sounds like wishful confessing. Nature is what...
...most estimates, 80% of all oil produced today sells for as much as $2 per bbl. below OPEC's prices, the highest of which is $28 per bbl. for top-quality light crude. Moreover, the cartel now produces only 43% of the West's oil, vs. 63% in 1979. The rest is pumped by such countries as Mexico, the U.S. and Britain, none of which belongs to OPEC. Three weeks ago Mexico dropped its price to $3 per bbl. below OPEC levels...
...price slide. "Market stability is at the crossroads," admitted Subroto, Indonesia's Oil Minister and the current president of OPEC, at the start of the session. Yet the most that the ministers could agree on was minor adjustments like lowering OPEC's price for the heaviest grade of Saudi crude by a token 50?...