Word: libya
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...This is the so-called "posted price," a figure set by oil exporting countries upon which taxes and royalties are based. The effective selling price, however, ranges from $9.40 in Saudi Arabia and $9.70 in Iran to $14.43 in Venezuela and $14.65 in Libya...
...cartel's solidarity is remarkable in view of its members' differences. The Arab countries see oil as a political weapon to use against Israel; the non-Arab states see oil strictly as a commercial commodity. Within the Arab bloc, the radical states (Algeria, Libya and Iraq) often have political battles with the feudal monarchies (Abu Dhabi, Kuwait, Qatar and Saudi Arabia). Iran and Iraq are on the verge of hostilities because of border disputes...
Venezuela, Kuwait and Libya, however, are now cutting production to eliminate that surplus. Venezuela, whose biggest customer is the U.S., has reduced output by about 450,000 bbl. daily, to a total 2.95 million bbl. One item on the O.P.E.C. Vienna agenda was the coordination of production cuts in order to make sure that prices do not drop...
Fourteen other nations are potential members of the club: Algeria, Bangladesh, Belgium, Chile, Colombia, Indonesia, Libya, North Korea, Portugal, Saudi Arabia, Spain, Switzerland, Turkey and Venezuela. Though they are not nearly as advanced as the first group, they could become atomic powers by the end of the century-and sooner if they decide that it serves their interests...
Sadat said that "one of the Arab leaders"-by general agreement among Middle East specialists that could be Sadat's acerbic critic, Muammar Gaddafi of Libya-"had the idea to torpedo the QE2. He tried to use one of my submarines and had issued the order already...