Word: indonesia
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Dates: during 1970-1979
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...economy-and no more," says an Arab spokesman. The implication is that some members of the Organization of Petroleum Exporting Countries will reduce output to keep supply and demand in balance and prices high. Indeed, Venezuela, Kuwait and Libya have already decreased their production of oil; but Iran, Nigeria, Indonesia and others have stepped up theirs, more than making up the slack...
...expect the world price of crude to drop; and, indeed, last month the major oil-exporting nations appeared to recognize that the dizzying upward price spiral had ended. At a meeting in Vienna, they pledged to hold the line at $10.80 per bbl. until June 30. Last week, however, Indonesia surprisingly lifted its price to $11.70, thus violating the freeze agreement...
...Business News, a Jakarta paper, editorialized: "It is proper for us to determine our oil-price policy based on our own interest." That interest swiftly became clear when the Japanese, who buy about 80% of Indonesia's exports of 1 million bbl. per day, agreed to the boost. The U.S., which imports 17% of Indonesia's output, has no choice but to pay up too-and hope that the logic of supply and demand will prevail when the other petroleum exporters review prices July...
...majority of Americans, caused no real hardship; incomes usually went up faster. So, nothing in recent history has prepared the nation for the shock of what is happening today: a double-digit inflation that raises unsettling visions among many Americans of the price spirals in South America or Indonesia...
...countries rimming the area (India, Sri Lanka, Indonesia, Kenya and Singapore)-and U.S. congressional critics as well-fear that the base will increase big-power rivalries in the region. Last week Australia's Prime Minister Gough Whitlam joined the chorus of critics, saying that he would try to persuade Britain's Labor government to abrogate the agreement made by former Prime Minister Edward Heath. So far, Harold Wilson's new government has said only that the plan, like all foreign policy issues, was under "review...