Word: glutting
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...unrealistic. Both sides in the Iran-Iraq war are, as a Western diplomat puts it, "obsessed with getting the maximum military and propaganda advantage" from the spill. Under the shadow of such rampant obstructionism, the nations of the gulf seem doomed to deal with an ever more visible oil glut...
...middle-class New York City borough of Queens. Each ring takes in at least $50 million a year. Says Bacon about the Colombian coke gangsters: "They are tremendous organizers. They deal very effectively with Americans." They also operate as a cartel, says Bacon. Although there is now a cocaine glut in South America and production costs have been cut in half, the price of the drug in the U.S. has hardly dropped. Oddly, U.S. authorities and Colombian exporters both have an interest in keeping the price high, the police to discourage use and the crooks to maintain huge profits...
...American farmers, more has become less. Record harvests of corn and wheat in 1981 and 1982 have created a glut of grain. The unsold carryover of last year's corn surplus alone is an estimated 3.4 billion bu. Even as supply ballooned, however, markets shrank. In 1982, a strong dollar and world recession caused a major decline in farm exports for the first time in 13 years. Farm debt has burgeoned, from $140.8 billion in 1979 to about $215 billion at the start of 1983, while net income fell from $32.4 billion in 1979 to $19.5 billion...
Before delegates from the 13 OPEC members had even left London, many energy experts were saying that the continuing oil glut would force prices down further. To keep that from happening, the members agreed to individual production quotas designed to limit their overall output this year to 17.5 million bbl. per day. That is 1.3 million bbl. less than the average rate for 1982, but 3.5 million bbl. more than the current rate. Said a hopeful Sheik Ahmed Zaki Yamani, Saudi Arabia's Oil Minister: "I have a strong feeling that this [agreement] will work out and that OPEC...
...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...