Word: marketeers
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Dates: during 1970-1979
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Oilmen are fearful that Iran will soon go a step further and simply cut back its production by a flat 700,000 bbl. With the world market tight, any such reduction would push up prices sharply, especially for single shipment cargoes that are sold on the so-called spot market, where more and more of the world oil trade now takes place...
Escalating spot market prices are, if anything, a bigger threat to the world economy than is the ever present danger of a cut in supplies. With spot prices now hovering at $40 or more per bbl., nearly twice the maximum official OPEC price of $23.50 for oil sold under contracts of three months or more, OPEC members are clamoring for a hefty new increase when the cartel meets in Caracas on Dec. 17. Notes a top Carter Administration official: "Spot prices are the locomotive now dragging OPEC prices along." Adds Data Resources' Eckstein: "Our present forecast has OPEC prices...
...accounts, including the bulk of the frozen Iranian assets, are located in the foreign branches and subsidiaries of U.S. banks. The funds are not under the jurisdiction of Washington at all, but of the banks' host countries. The key country is Britain, the major center for the Eurodollar market; banks in Paris, Frankfurt and Geneva also hold large Eurodollar deposits that technically lie outside U.S. jurisdiction...
Growing consumer consciousness about health has helped the market. Flower oil costs 10% to 15% more than oil made from corn or soybeans, but its cholesterol content is lower; it has 70% polyunsaturated fats, vs. about 55% for corn oil. Hunt-Wesson in September began national distribution of a flower oil named Sunlite. Procter & Gamble is selling a blend of flower and soybean oil called Puritan, and Lever Brothers is marketing Promise, a part-flower margarine...
Oddly, what first spurred U.S. interest in Helianthus was the emergence in the 1960s of latex-base paints. This undermined the market for paints based on linseed oil, which is made from flax. Companies that processed flaxseed had to find another oil to keep their machinery busy. Cargill Inc., the huge Minneapolis grain dealer, in 1966 dispatched a researcher to get some sunflower seeds from the Soviet Union, which is the leading producer. At the same time, Cargill and rival Honeymead Products set out to persuade farmers to try the new crop. That was not easy; the companies...