Word: kuwait
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Dates: during 1970-1979
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Until 1960, the producers' cartels faced disorganized opposition from the producing governments. At that time, the Organization of Petroleum Exporting Countries was formed among the producer governments (including Venezuala, Saudi Arabia, Iran, Kuwait, Qatar, Libya, Indonesia and Abu Dhabi to keep prices high, and prevent the cartels from bringing pressure on single countries. Since that time, producer nations have won a higher share of oil company profits, and begun to establish national companies of their own, often in partnership with western companies...
Even the Arabs seem to be winking at the continued supplying of The Netherlands. Abdul Rahman al Attiki, Kuwait minister of oil and finance, is on record as saying: "If Europe wants to deprive itself of oil to help Holland, that is its business. But should they defy the Arab states by announcing solidarity with Holland publicly, then we shall take measures against them." The message could not have been clearer if it had been shouted from a minaret: Reroute shipments all you please-just don't talk about...
...could try to freeze Arab oil money; about half of the $7 billion that Saudi Arabia and Kuwait have on deposit in the West is in U.S. banks. But much of that is held by European branches of the American institutions -and the Swiss government, for example, is unlikely to permit Swiss branches of U.S. banks to block Arab funds...
...implications for them. Among those who flew from capital to capital last week in a frenzied series of conferences and consultations that left jet contrails all across the Mediterranean sky was Jordan's King Hussein, who made swift visits to Syria, Saudi Arabia, Abu Dhabi and Kuwait. Algerian President Houari Boumedienne dropped into Cairo, Damascus, Baghdad, Kuwait and Riyadh in an effort to arrange an Arab summit. Libya's Muammar Gaddafi warned of a return to war and urged the defeat of Israel; his cries were echoed by Iraq's President Ahmed Hassan Bakr...
...Five countries-Kuwait, Algeria, Iraq, Abu Dhabi and Qatar-extended the export embargo to The Netherlands. The Arabs have been incensed by reports-denied by The Hague-that the Dutch government has offered alternative transit facilities for Soviet Jews emigrating to Israel, replacing the center that Austria promises to close (see following story). The Netherlands is also an important exporter to the U.S. of heating oil as well as other petroleum products refined from Arab crude. Thus the Arabs may well have hit The Netherlands in order to further squeeze...