Word: glutting
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...origins of last week's oil slide reach back to midsummer. Buyers started balking at official prices at a time of continuing glut. The Saudis helped restore temporary calm by keeping their production low. As an added measure, Sheik Ahmed Zaki Yamani, the Saudi Arabian Oil Minister, jetted around the globe to such non-OPEC countries as Egypt, Malaysia and Mexico, urging those governments to restrain from giving discounts or increasing production...
...normal, a decline in crude prices of $1.50 could bring a 30 drop in heating oil, to $1.02 per gal. Heating-oil users are also benefiting from the fuel's competition with natural gas, which currently is in abundant supply in the U.S. Possibly adding to the gas glut is the Canadian government's decision in July to stimulate exports. Last week a leading exporter, Pan-Alberta Gas, announced that it would reduce prices to some U.S. utilities by as much...
...threatened to ripen the fruit too quickly and spoil it for winemaking. But as the last bunches of plump red and golden grapes were dumped safely into crushers last week, growers and vintners were in no mood to raise their goblets to Bacchus. Because of a worldwide glut of wine, this year's harvest of nearly 2 million tons of grapes will be far more than needed. "We are in a hell of a bind here," says Earl Rocca, a grower near Fresno. "We're in a grape depression." While consumers are savoring the lowest wine prices...
...price slide was triggered by an unusual Saudi deal in which the country plans to exchange some 34 million bbl. of oil for ten new Boeing 747 jetliners. Saudi Oil Minister Sheik Ahmed Zaki Yamani protested the arrangement because it would add to the glut on the world oil market. But Prince Sultan, chief of the military and the national airline, overruled him, apparently because the royal family wanted to avoid dipping into the country's foreign-exchange reserves to pay for the planes. By exceeding its OPEC production quota, Saudi Arabia provided an easy excuse for most other...
...ministers may have to live with the glut for a while longer. Quota cheating by the small Persian Gulf states and price discounting by Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity...