Word: glutting
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...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...
...reporters waited anxiously outside the grand ballroom as delegates from the 13-member Organization of Petroleum Exporting Countries deliberated behind closed doors. For the second time in the past five weeks, OPEC's contentious band of oil ministers were debating what to do about a continuing worldwide petroleum glut that has put intense downward pressure on prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary...