Word: dhabi
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Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...cartel's profit motive was much in evidence at an Arab energy conference in Abu Dhabi last week. Delegates bitterly attacked Western oil companies for trading oil back and forth among themselves at extortionate prices on the small but highly volatile spot market. Mani Said Utaiba, Oil Minister of the United Arab Emirates and president of the cartel, suggested that at its next meeting on March 26 in Geneva, OPEC should take up the idea of blacklisting offending companies and refusing to sell oil to them...
Exploiting the shortage, Abu Dhabi and Qatar last week added a 7% surcharge to the 1.8 million bbl. per day that they produce. The increase is on top of the 5% OPEC rise that took effect last month and lifted the basic price to $13.34 per bbl. The cartel had scheduled a raise in steps to $14.55 by October. But at the present rate of increase, oil from Abu Dhabi and Qatar then would be selling at $16.32 per bbl. Other oil producers, notably such anti-Western militants as Libya and Iraq, are expected to make similar increases. Says...
...clients are honest, but they are totally indifferent to the value of money," complains Tom Evans of the oil-rich Arab sheiks whose sumptuous private planes are serviced by his Houston-based firm. One of his customers is Zayed bin Sultan al-Nahyan of Abu Dhabi, president of the United Arab Emirates, who paid $10 million in 1974 for a Grumman Gulfstream II, equipped with royal blue morocco-leather seats and gold seat-belt buckles...
Since February, says Evans, he has been trying to collect an overdue bill from the sheik for airplane fuel, parts and service totaling $188,464.81-pin money perhaps in Abu Dhabi but a substantial sum in Houston. This month, after learning that the sheik's plane was in Savannah, Ga., for routine repairs, Evans obtained a court order grounding the flying palace until the bill is settled. The United Arab Emirates have substantial leverage in Washington because they supply about 5% of U.S. petroleum imports, but their American lawyers stressed that the bill would not become a matter...