Word: longing
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Dates: during 1970-1979
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...Saudi gambit is risky. By increasing a full $6 per bbl., the Saudi government is, like it or not, obviously tempting other cartel members to do much the same. Warns Walter Levy, an international oil economist: "This is the beginning of a further round of price increases. As long as spot prices remain substantially higher than OPEC prices, we are in an ever escalating situation...
...fourth price-raising session in a year, the cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases in the cartel's 19-year history...
...full $23.50, but the Saudis chose to go to only $18. Soon even the $23.50 barrier was broken as members began selling single shipments of oil on the spot market for as much as $40-$45 per bbl. Several members have by now begun selling crude under long-term contracts for about $26 to $27.50 per bbl., inviting additional leapfrogging increases. By going to Caracas with their petroleum once again priced close to cartel levels, the Saudis will be able to argue that they have returned to the fold and may gain stronger bargaining power to stop or at least...
...OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...
...week's Saudi price rise of $6 per bbl. was in part at least to punish them. In fact, Aramco's shareholders have been selling their oil products in the U.S. for prices just a bit below their competitors'. If the discounts had been any bigger, long lines would have formed at Exxon, Mobil and Texaco gasoline stations, as well as at those of Chevron, the retailing outlet for Socal...