Word: dhabi
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...Last week Venezuela, which had already reduced output from 3 million bbl., to 2.6 million bbl., announced that it was trimming another 200,000 bbl. Pumping in Libya has been cut in half from last year's average, to 1 million bbl. a day. In January, Abu Dhabi dropped from 1.2 million...
Frustration is increasing among some OPEC members. Last week Abu Dhabi's Petroleum Minister Mani Said
Utaiba openly criticized OPEC for failing to coordinate its members' production schedules-that is, refusing to apportion the cutbacks so that no member suffers more than others. Utaiba also revealed that Abu Dhabi has ordered Western oil companies operating there to increase production immediately -leaving those firms to find a way to sell it. The companies had reduced pumping because Abu Dhabi's oil was more expensive and less profitable to market than petroleum in some other OPEC countries. Nigeria has also been prodding Western oil firms to boost production despite sagging demand...
...Algeria's price has dropped from $14 per bbl. a year ago to $12 now, largely because premium charges for high quality and other factors have been removed. Libya has recently been forced to trim up to 29e off its exceedingly high basic rate of $11.86, and Abu Dhabi has had to pare 380 from the $11.38 that it charged for its best lower-sulfur fuel...
...Dhabi. But those figures did not reflect living standards because the quick cash has not had time to filter down to the people. Bureaucracies strained to figure out ways to spend at home. Kuwait expanded one of the world's most all-encompassing welfare states. To hold down food prices, most of the big oil producers subsidized imports of staples. Office buildings, low-rent apartments and supermarkets rose almost everywhere. Some planners worried about keeping a work ethic going. Said a Saudi government minister: "We will have to be very careful not to spoil our citizens. Our people will have...