Word: gluts
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Dates: during 1980-1989
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...frequently bitter two-day session merely papered over conflicts that have been brewing since 1981, when the global recession helped spawn a worldwide oil glut. The 13 member nations agreed to let OPEC's bench-mark crude-oil price stand at $34 per bbl., its level for more than a year. They also approved a 1983 production limit of 18.5 million bbl. per day. That would be about the same amount that members pumped during 1982, but it would be higher than the 17.5 million-bbl. ceiling that OPEC set for itself last March. Said a U.S. oil-company...
...pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result, by last week prices on the unregulated spot market had dropped to $29 per bbl., down from an alltime high of $42 two years ago. Meanwhile, a worldwide glut of oil has developed, swelling to more than 4 million bbl. per day in excess of demand...
OPEC Dilemma How to handle the glut...
...Organization of Petroleum Exporting Countries has sent the price of crude oil spurting, bringing riches to the 13-nation oil cartel and economic agony to just about everyone else. But now the combined effects of conservation and worldwide recession have left oil prices skidding, created a global supply glut where once there was scarcity, and shaken the foundations of the formidable cartel...
...that they will favor holding the official price at $34 per bbl. As for production, the Saudis might decide to raise the spring quotas by about 10%, which would legitimize the cheating with a return to pre-March levels, while perhaps trimming their own output to keep the glut from growing worse. At the same time, the Riyadh government would stand ready to provide low-interest loans to help tide over financially squeezed cartel members until the world economy starts to recover and, the Saudis hope, oil sales begin to improve...