Word: gluttingly
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What brought on the oil windfall is a global production binge. The Organization of Petroleum Exporting Countries is pumping about 17.5 million bbl. a day, 2.5 million bbl. more than the industrial world can use. The glut showed up in earnest late last year after Saudi Arabia nearly doubled its output in order to regain the market share it had lost to rival producers...
Saudi Arabia demands that other countries ease the oil glut by cutting back production. But most rivals have refused. If no agreement is reached, says De Vries, "you could see oil prices go down very, very substantially, to the low teens and below that." The big question is how much economic pain the kingdom is willing to inflict on its rivals. "I don't think Saudi Arabia will want to be the hardliner and bring down countries and companies and banks," said De Vries...
...steep slide early in the week occurred when members of the Organization of Petroleum Exporting Countries confirmed that the group has in effect abandoned any effort to curb its production, thus ensuring a worsening global glut. Meeting in Vienna under dark snow clouds, a committee of oil ministers from five OPEC nations--Venezuela, Indonesia, Iraq, Kuwait and the United Arab Emirates--declined to propose any new output limit for the 13- member group. Their decision goes along with the strategy being pursued by Saudi Arabia, Kuwait and other wealthy oil producers, who are flooding the market with excess petroleum. These...
...freedoms of a democratic political system. So far, his resolve has withstood mounting economic pressures. Until 1980 Nigeria was flush with revenues from its oil industry, which at one time produced 2.3 million bbl. a day and yielded $23.4 billion a year in revenue. But the worldwide petroleum glut has left the country, which earns 95% of its foreign currency from oil exports, teetering on the edge of economic collapse. Last year Nigeria produced a daily average of 1.4 million bbl., earning $11.3 billion. Even if the current world price of around $16 per bbl. stabilizes at $20, some economists...
...particularly disappointing that European governments have taken this "business-as-usual" stance now. The current world oil glut has created a buyers' market in which plenty of oil producing nations would be eager to take away Libya's European market share. And all Western economies have cultivated diverse supply sources and improved conservation measures, making them even less dependent on imported crude. True, some European nations have strong economic ties to Libya that go beyond the realm of the petroleum industry; fully breaking these ties would cause considerable economic dislocation. But the price is worth paying to undermine Khadafy, especially...