Word: exportation
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Dates: during 1970-1979
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Throughout the cease-fire diplomacy of last week, the Arabs kept tightening their oil blockade of the West. Production cutbacks deepened; export embargoes spread. By week's end it was clear that after the shooting stops in the Middle East, the U.S., Europe and Japan will still be facing a war of oil attrition that will put severe strains on their diplomatic and economic cooperation...
...Five countries-Kuwait, Algeria, Iraq, Abu Dhabi and Qatar-extended the export embargo to The Netherlands. The Arabs have been incensed by reports-denied by The Hague-that the Dutch government has offered alternative transit facilities for Soviet Jews emigrating to Israel, replacing the center that Austria promises to close (see following story). The Netherlands is also an important exporter to the U.S. of heating oil as well as other petroleum products refined from Arab crude. Thus the Arabs may well have hit The Netherlands in order to further squeeze...
...Cutoff. Putting economic pressure behind their proposals, the Arab nations announced a cutback in oil production for export, pegging it at 5% each month. Aimed mainly at the U.S., the move was also intended to exert pressure on Washington through the nations of Western Europe and Japan, which are more dependent on Middle East oil than is the U.S. Saudi Arabia promptly went further, first declaring an immediate 10% cutback in oil production and then cutting off all oil shipments to the U.S., as did Abu Dhabi, Libya and Algeria...
...medium through which the developed world views the Middle East conflict. Some of the oil producing countries have indicated previously that they have no incentive to increase their output of petroleum. Yesterday, the Organization of Petroleum Export Countries, which includes all oil producers and not only the Arabs, unilaterally raised the oil price by seventeen percent. Saudi Arabia has indicated that it will reduce its oil production in retaliation for United States support for Israel. The Arabs have been tiring of the large amounts of devalued dollars they were accumulating from oil sales, and the steps that they have...
Fund Package. Kidder, Peabody and New York's First National City Bank are putting together a combination of funds, which might include money from Saudi Arabia and Kuwait, and credits and interest guarantees from the U.S. Government's Export-Import Bank. By 1977 the pipeline is expected to carry 80 million tons of crude a year, and transit fees are expected to total $150 million annually...