Word: iraq
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Dates: during 1970-1979
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...urged that OPEC adopt the classic market-tightening tactic of cartels: production cutbacks of 5% to 10% that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the cutbacks was Iraq, which has invested heavily in oil development and is now pumping some 3.7 million bbl. daily, making it OPEC'S second largest producer after Saudi Arabia (9.5 million...
Once a strident hardliner, Iraq tried to be a middleman in the power struggle between extremists and self-professed moderates. Its oil minister, Tayeh Abdul-Karim, suggested that a relatively modest floor price be established, but that it increase automatically every three months in line with world inflation and the economic growth of Western nations, a proposal that won only limited support...
...differentials, which are the variances in costs that are supposed to reflect the relative values of crudes according to their sulfur content and distances from major markets. Algeria, Iran, Libya, Ecuador, Gabon and others rejected a proposal to reduce the differentials, which help them to charge the highest prices. Iraq voted to follow that majority. The discussion became so confusing that the Indonesian delegate had to ask what the question was when his turn came to vote...
...there are recurrent charges of deaths in prison from torture, and crude political assassinations. In Argentina alone, Amnesty International documented the names of 2,500 among an estimated 15,000 political disappearances during a three-year period. Allegations of torture and ill-treatment in prison were reported in Egypt, Iraq, Israel, Morocco, Saudi Arabia and Tunisia in the Middle East. The report also mentions the more than 100 executions known to have taken place in Iran, at the command of Ayatullah Khomeini's revolutionary tribunals...
...power alignment seems likely to emerge in Caracas: a loose coalition among Saudi Arabia, Iraq and Kuwait, the Persian Gulfs three biggest Arab producers, which now dominate the Persian Gulf trade as Iran sinks deeper into internal chaos. Instead of moderate price increases, higher production and cooperation with Washington, the outlook for the cartel as a whole seems to be for substantially higher prices, tighter supplies and increasing disinterest in whatever the U.S. seeks...