Word: embargoing
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...nations continue to hold together as a cartel? How much and how quickly will they extend national ownership of the multinational oil-company affiliates pumping on their lands? Is a lasting peace likely in the Middle East, or might renewed fighting lead to a reimposition of the Arab oil embargo? Despite all these puzzlers, top U.S. economists now agree on two conclusions: barring war or other disaster, the day of panic bids as high as $17 per bbl. for oil is over, and the direction of world prices is definitely down...
...energy expert at Data Resources, Inc., would not be surprised if the price falls $2. A Nixon Administration economist looks even farther: "I calculate a $4 drop in oil from the Persian Gulf by 1976." Any of these scenarios would leave prices far enough above the pre-embargo level of about $4.65 per bbl. to cause serious difficulties for rich and poor consuming nations alike. But any drop at all would help avert what could be a world economic disaster...
...sent elsewhere. The Arabs themselves have permitted the oil companies to off-load some Arab oil in Rotterdam-if its ultimate destination is Belgium or West Germany's Ruhr Valley, both connected to the Dutch port by pipeline. The result, says a Rotterdam municipal official, is that "the embargo could continue indefinitely and it would not make any difference...
...Dutch nonetheless are puzzled by the Arabs' official retention of the embargo. Saudi Arabian Petroleum Minister Ahmed Zaki Yamani has explained that the Dutch had not, like other European nations, supported the Arab demand for an Israeli withdrawal from all Arab territories. But the Dutch in fact signed a Common Market statement issued last November supporting United Nations Resolution 242, which calls for such a pullback. The Arabs may be officially maintaining the boycott not so much to punish the Dutch as to keep a sword of Damocles dangling over the international oil companies that have huge investments...
...effect has been the opposite. Indeed, the Arab decision may have the salutary effect of fostering Common Market solidarity. Dutch sources indicate that The Netherlands may stall preparations for the Arab-European conference proposed for late this year until the Arabs scrap the embargo. They are receiving support from, of all nations, France, which is the conference's prime sponsor. Says French Foreign Minister Michel Jobert: "The Arabs cannot expect Europe to deal with them as a unit if they continue to discriminate against members of the Common Market...