Word: kuwait
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Dates: during 1970-1979
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...soon. Its members have proved that they have the cohesiveness to cut oil production at sharply varying rates in order to maintain the $10.80 price. Over the past year, the OPEC nations as a whole reduced output by 21%. Some countries have cut back even more: Iraq by 27%, Kuwait by 39%, Libya by 72%. They may well reduce production further instead of competing among each other and slashing prices. The producers feel that they ultimately gain more by pumping less at the current high price than by pumping more at lower prices...
Landing in the evening in Kuwait, the businessmen passed over brilliant flares of burning gas from acres of oilfields. In Dubai they toured the Persian Gulf harbor in the Sheik's dhow. The hour-long audience with Faisal (see THE WORLD) took place beneath crystal chandeliers in the royal palace in Riyadh while bodyguards poured tiny cups of bitter coffee...
...OPEC nations might cut prices in order to maintain sales. Unfortunately, they also could do just the opposite: they could take Ford's program as vindication of their past price increases and raise prices higher yet. Some Arab governments are willing to cut production in order to maintain prices; Kuwait last week reportedly decided to reduce output...
...favorite proverbs: "God gave man two ears and one tongue so we could listen twice as much as we talk." One thing is obvious, however. Faisal's money has tightened ties among Arab nations. At Rabat he led a move in which Saudi Arabia, Kuwait and the United Arab Emirates will provide $2.35 billion to Egypt, Syria, Jordan and the Palestine Liberation Organization to underwrite their confrontation with Israel. He strongly supports the Palestinian cause but distinguishes between the overall Palestine Liberation Organization and some of its Marxist member groups. He steadfastly refuses funds, for instance, to organizations like...
...Kuwait buys the Law School, the Medical School, and the Graduate School of Arts and Sciences. David L. "Maxim" Gorski, the new chief of University police, sees Death Wish 15 times and shoots seven students bicycling in the Yard through the knees. "Dave has a lot to learn about how we do things at Harvard," Robert Tonis, Gorski's predecessor, comments...