Word: libya
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Dates: during 1970-1979
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...contrast, many of the other OPEC members, notably Algeria and Libya, are already running low on reserves. They want to get as much money as possible from every remaining barrel. Iran is especially hard-pressed. The Shah badly overcommitted his oil income on ambitious development projects for his relatively large population, and now needs more money to make ends meet...
...Iran to buy more guns and tanks with which to frighten its neighbors across the Persian Gulf−an escalation that Saudi Arabia, one of those neighbors, decidedly does not wish to encourage. The archconservative Saudis are also at odds with the radical Arab states of Algeria, Iraq and Libya, whose hand would be strengthened by a big oil-price jump. The Iraqi oil minister, Tayeh Abdul-Karim, blasted the Saudis for trying to force OPEC to "succumb to pressures from the oil monopolies and imperialist forces...
...Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq. Kuwait, Libya, Nigeria, Qatar, Saudi Arabia. United Arab Emirates, Venezuela...
...divisions are rooted in economic self-interest. The Saudis speak for a bloc of almost empty desert countries with huge oil reserves-Kuwait, Qatar, the United Arab Emirates-that want to keep prices down and sales high. Algeria, Iraq and Libya, with relatively smaller production and reserves, want to get the most for their oil; they are talking up increases as high as 25%. Most outside experts guess that OPEC will eventually compromise...
...political connotations cannot be ignored. There is little doubt that Gaddafi, in approaching Fiat, relished the opportunity to buy a piece of international respectability and take a mild slap at Libya's former colonizer, all in one gesture. Should Gaddafi, an activist who is unlikely to be a silent partner, continue to make similar investments, radical Arabs-including terrorists whom Gaddafi finances-could have some power levers to pull. One example: Libya's archrival Egypt makes 12,000 Nasr autos a year under Fiat license; Gaddafi's Fiat connection gives him a new stick to shake...