Word: libya
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...invaded Lebanon last June, the focus of U.S. attention in the Middle East shifted away from Lebanon and Israel briefly last week to the waters of the eastern Mediterranean, where the U.S. dispatched air and naval units. The move, clouded in secrecy and confusion, was prompted by reports that Libya's strongman, Colonel Muammar Gaddafi, was concentrating his military forces in the southeastern corner of his country, thereby appearing to threaten the neighboring states of Sudan and Chad and alarming the government of Egypt...
...second of four trials that Wilson faced on charges that he ran an international web of illegal arms deals and terrorist activities between 1976 and 1979. In November he was convicted by a federal jury in Alexandria, Va., of organizing the export of rifles and handguns to Libya. As he did in the first trial, Wilson's lawyer, Herald Price Fahringer, argued that the defendant was a "de facto CIA agent" working undercover to get secrets for his former employer from Libyan Dictator Muammar Gaddafi...
Prosecutors termed the shipment from Houston to Libya the largest illegal movement of explosives ever investigated by the U.S. Jerome S. Brower, a California explosives manufacturer and distributor who is an unindicted coconspirator, testified that Wilson, who left the CIA in 1970, said he wanted "as much as I could get" of cyclotrimethylene trinitramine, a plastic explosive known as C4. Brower said he shipped 42,300 Ibs. in 856 5-gal. cans disguised as "drilling mud," a chemical lubricant used in oil-drilling rigs, from California to Houston, where it was loaded aboard a leased...
...Saudis had tossed on the bargaining table an additional demand that remained to be resolved on Monday morning. They would curb production, said Yamani, only if the African states would charge a premium price for their oil that fully reflected its higher-than-average quality. Nigeria, Algeria and Libya produce so-called sweet crude, which yields a particularly desirable mix of products after refining. Moreover, because these countries are relatively close geographically to their European customers, the cost of transporting the crude is lower. For these reasons, the OPEC members have tacitly agreed in the past that African oil should...
...output, forced through what amounted to a 9.6% production cut. Its purpose: to take up slack in the market and prevent petroleum prices from slipping below the cartel's official $34-per-bbl. bench-mark level. Once they had agreed to the cuts, Iran, Libya, Venezuela and several other cash-squeezed member states began pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result, by last week prices on the unregulated spot market had dropped to $29 per bbl., down from an alltime high of $42 two years...