Word: kuwait
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Dates: during 1980-1989
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...every member of the group will be borrowing money. Small states like Kuwait and the United Arab Emirates should remain comfortably in surplus, but hard-pressed countries with large populations, such as Nigeria and Indonesia, will have significant deficits. Richard O'Brien, an economist with American Express Bank in London, estimates that this year Nigeria and the other populous OPEC nations will probably have to sell off assets worth some $25 billion and then still have to borrow about $5 billion from banks...
...some oil producers with low populations and high revenues, this is not creating much hardship. Kuwait has slashed production by 70%, to a mere 650,000 bbl. daily, without difficulty. Indonesia, on the other hand, has a large population and badly needs oil revenue for development. Therefore, it has continued to pump crude at full tilt, helping to sustain a buyer's market...
...Bahrain, Kuwait, Oman, Qatar, United Arab Emirates...
...Bahrain, Kuwait, Oman, Qatar, United Arab Emirates...
That trade also provides the U.S.S.R. with a commercial link to key oil producers ?which may be one reason why it is trying to sell arms to Kuwait, a sheikdom with firm ties to the capitalist world. Even though they ask for hard cash, the Soviets usually price their wares well below comparable Western weapons...