Word: libya
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Dates: during 1970-1979
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...will also get to charge so-called differential premiums of up to $3.50 per bbl. The differentials, which traditionally have been set at no more than a small fraction of the base price, are supposed to be applied solely to specially attractive crudes, such as Nigeria's and Libya's low-sulfur oil, which is now much in demand for refining into gasoline. Veteran observers of past OPEC behavior expect the differentials soon to be turning up as part of the price for almost any grade of cartel crude. As a portent of things to come, the Algerians...
OPEC adds injury to insult when hardliners like Iran and Libya keep threatening to cut back production in order to prop up prices. Remarked one middle-of-the-road delegate: "You just cannot believe how greedy these Iranians have become. They think they have invented the wheel." One of the cartel's greediest leaders, Libya's strongman, Colonel Muammar Gaddafi, touched off a mini-panic on Wall Street at week's end. An Arab magazine quoted him as threatening to halt Libyan oil exports for up to four years and appealing to other oil producers...
...price per bbl. was $1.80). Saudi Arabia's Crown Prince Fahd last week shot down a hopeful rumor that his country would increase production, and Iran is holding exports to barely half of prerevolutionary levels. Oil-industry publications buzz with talk of further cutbacks in Algeria and Libya...
...mystery concerning Big Daddy's whereabouts has apparently been resolved. The U.S. State Department last week confirmed earlier press releases that Uganda's Idi Amin Dada, who was driven into exile two months ago by a combination of Ugandan exiles and Tanzanian soldiers, has taken refuge in Libya, along with two of his wives, about 20 of his children and at least one concubine. Behind him, as TIME Nairobi Bureau Chief David Wood discovered during a recent visit, the deposed dictator left a country on the brink of economic and political bankruptcy. Wood's report...
...gravely inflaming global inflation. Worse, surging demand has enabled the OPEC nations to tack on one premium and surcharge after another, raising the actual price for most grades by as much as 30%, to $17 or more per bbl. Next week such cartel militants as Iran, Algeria and Libya will press for an additional jump of at least 40%. To make the extortionate price stick, Iran's oil chief, Hassan Nazih, declares that Iranian production, which is now little more than half its prerevolutionary 6.5 million bbl. daily, will be cut even further, perhaps to 3 million...