Word: libya
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...total of 7.5 million bbl. In Iran, output has declined from 6.1 million bbl. to between 5.3 million and 5.6 million bbl. Last week Venezuela, which had already reduced output from 3 million bbl., to 2.6 million bbl., announced that it was trimming another 200,000 bbl. Pumping in Libya has been cut in half from last year's average, to 1 million bbl. a day. In January, Abu Dhabi dropped from 1.2 million...
...have proved that they have the cohesiveness to cut oil production at sharply varying rates in order to maintain the $10.80 price. Over the past year, the OPEC nations as a whole reduced output by 21%. Some countries have cut back even more: Iraq by 27%, Kuwait by 39%, Libya by 72%. They may well reduce production further instead of competing among each other and slashing prices. The producers feel that they ultimately gain more by pumping less at the current high price than by pumping more at lower prices...
...Ethiopian government, which had been toying with the idea of negotiating with the rebels, bluntly announced that it had decided instead to crush them by force. The same day, Eritrean guerrillas -armed to the hilt by Libya, Algeria and other militant Arab powers-ambushed and burned seven fuel trucks 30 miles from the Eritrean port of Assab. Two days later, they destroyed an Ethiopian army column, then launched the heaviest assault on the provincial capital in the 13-year history of the revolt...
...Philippine government is likely to step up its fight against Moslem rebels (supplied in part by arms from Libya) on the Sulu Islands and Mindanao. The Moslems of these regions demand greater autonomy, but Manila's answer is to send in more troops. Fatalities in the past year have been running as high as 200 per month...
...special ceremony at George Wald's bedside, Leonard Bernstein '39 awards him the Nobel Peace Prize. Bernstein also awards himself the first Nobel Prize for Music. "It's about time," Bernstein remarks. Bok squelches merger rumors by selling Radcliffe to Libya. Libyan premier Col. Muammar Qadaffi closes the school down. "As the leader of progressive Third World anti-imperialist forces everywhere," Qadaffi announces, "I do not believe in education for women. Back to the bedroom." F. Skiddy von Stade comments...