Word: embargo
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Last week, after visiting European capitals, Yamani went to Washington to explain the Arab embargo and exchange views with top U.S. officials. In each meeting, he made Saudi Arabia's position clear. "We will be more than happy to relax our oil measures if there is reason," he said after a 90-minute meeting with Secretary of State Henry Kissinger. His definition of being reasonable: Arab oil will flow...
...promised, the United States and many Cuban liberals became alarmed. First the United States stopped importing sugar--700,000 tons a year--from Cuba. (The Soviet Union and China agreed to buy 1,20,000 tons a year at a somewhat lower price.) The United States applied an embargo on all exports to Cuba except medicines and some foodstuffs, and arranged for the Organization of American States to throw Cuba out. A couple of years later, President Kennedy organized an invasion, which Cuba's army, still predominantly peasant, repelled. Cuba had won its independence...
...embargo obviously is being circumvented by the major multinational oil companies, with at least the knowledge if not the active cooperation of European governments. In a Europe desperately afraid of further offending the Arabs, no one wants to talk about the strategy, but it seems to work like this: the oil companies are duly sending elsewhere Arab oil that normally would go to The Netherlands. But they are replacing it by rerouting to Rotterdam oil from Nigeria, Venezuela or Indonesia that usually would go to Britain, Germany or other countries-over the protests of some British distributors who have...
More Austere. The Pentagon does have more capability of increasing supplies than civilian businesses do. Indeed, nearly half the deficiency caused by the Arab embargo can be made up by tapping the naval reserves at Elk Hills. Calif. The field's current output of 5,000 bbl. a day can be boosted to 160,000 bbl. a day in three months if Congress authorizes the increase, as the Energy Emergency Bill passed by the Senate and now before the House would have it do. But the oil-parched military, unable to wait, has invoked an existing...
...Feisal, the principal apostle of a hard line on oil, persuaded the summit to continue the embargo on oil shipments to nations that support Israel. Some subtle variations were voted, however. Rhodesia, South Africa and Portugal were added to the list of embargoed nations, which also includes The Netherlands and the U.S. Japan and the Philippines were spared a further 5% production cut. European nations, except The Netherlands, were promised relief from scheduled cutbacks so long as they continued to maintain a pro-Arab line...