Word: cuttings
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Dates: during 1970-1979
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...take some specific action of support, the House voted to cut off all military and economic aid to Iran, including $20 million in U.S. funds allocated through the U.N. Development Program. The tally...
Oilmen are fearful that Iran will soon go a step further and simply cut back its production by a flat 700,000 bbl. With the world market tight, any such reduction would push up prices sharply, especially for single shipment cargoes that are sold on the so-called spot market, where more and more of the world oil trade now takes place...
Escalating spot market prices are, if anything, a bigger threat to the world economy than is the ever present danger of a cut in supplies. With spot prices now hovering at $40 or more per bbl., nearly twice the maximum official OPEC price of $23.50 for oil sold under contracts of three months or more, OPEC members are clamoring for a hefty new increase when the cartel meets in Caracas on Dec. 17. Notes a top Carter Administration official: "Spot prices are the locomotive now dragging OPEC prices along." Adds Data Resources' Eckstein: "Our present forecast has OPEC prices...
...more realistic worry is that conservative oil producers will see the seizure of Iran's funds as proof of the riskiness of putting assets in any money, in any bank. That would add yet more weight to the growing OPEC feeling that it is smarter to cut production and leave the oil in the ground where it is safe than to turn it into dollars or other paper assets that can be seized. Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent...
...nearly so grave if the U.S. had not allowed itself to become so dependent on foreign oil. Under the circumstances, there is no guarantee that economic disruption can be avoided no matter what steps the nation takes. But the best hope for avoiding real trauma is to cut consumption, conserve supplies and, at the very least, make do with 700,000 bbl. less of crude per day. Such an effort would put some slack in worldwide petroleum supplies and help restrain prices. More important, it would also show Iran and the world that the U.S. can start breaking its addiction...