Word: gluts
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Dates: during 1980-1989
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...Buckingham Palace, the Organization of Petroleum Exporting Countries last week struggled for its survival as the premier power in world oil markets. Said Algeria's Energy Minister, Belkacem Nabi: "We all recognize that this is a very important meeting, unique in the history of OPEC." A global oil glut has driven the spot price for Saudi Light crude to about $28 per bbl. That is well under OPEC's official benchmark price of $34 per bbl. but not low enough to suit refiners, who in the U.S., for example, are able to sell what they can make from...
...what they will do next year if the economy really is better and the nukes are still in their silos. One fellow nearly choked on his lamb chop. Most have only a second or two of panic before they assemble their rebuttals on Reagan's "luck" (the oil glut) and "providence" (Brezhnev died). Who was the guy who wrote that if we've got to have a lucky...
Behind OPEC's crisis is the continuing worldwide glut of oil that is forcing down prices. Three weeks ago Britain and Norway, which are not OPEC members, lowered their charge for North Sea oil by $3 per bbl., to $30.50. Nigeria, a member, promptly retaliated by cutting the price of its premium-quality crude by $5.50, to $30 per bbl. That put enormous pressure on the other OPEC countries to make big cuts...
CHEAP OIL is coming back. For weeks, gleeful cartoons have appeared on editorial pages featuring grubby, disheveled-looking oil sheiks swamped by a black tide labeled "Oil Glut." Headlines have celebrated an incipient price war among the OPEC states. Reduced demand, it seems, is finally forcing down the price of oil, breaking up the widely hated OPEC cartel in the process. "The free market came to the rescue," exulted William F. Buckley recently in the National Review...
...arranging a truce. Having provoked the fighting in September 1980 to regain what he claimed was lost territory, Saddam Hussein now wants out of the war on almost any terms that could be described as honorable. Iran so far has rejected all offers. Even before the present worldwide oil glut, Iraq's petroleum production was down from a peak of about 4 million bbl. per day to about 1 million bbl. per day. Iraqi oil facilities in the south are in ruins, and the country's economy is being sustained by a monthly subsidy of $1 billion provided...