Word: miniglut
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...OPEC's hardliners, Saudi Arabia since last October has been pumping upwards of 10.3 million bbl. per day of crude, or 20% more than normal, and selling it for a base price of $32 per bbl., the lowest available from any OPEC member. The result: a temporary worldwide miniglut that has swelled inventories in the consuming nations and put pressure on oil exporters to cut prices...
...that figure has now been scaled back to a barely single digit 9.9%, while the 1982 forecast has been shaved by slightly more than one percentage point, to 7%. The lower inflation reflects the softening demand for petroleum, but some economists are now warning that the worldwide oil miniglut may soon end, sending prices, and inflation, upward again...
...feasting on high prices brought on by petroleum scarcity and soaring demand, the oil-producing states are discovering that the price of crude can go down as well as up. Drooping demand and a steadily swelling surplus production of some 2 million bbl. per day have created a miniglut that grows bigger by the week...
...miniglut cools off demands from the cartel
...agreement to set a maximum price was forced on the cartel by the current miniglut of oil. Greater conservation and the sharp recession in the U.S. have decreased the world's thirst for petroleum. OPEC's economics experts told the ministers at the beginning of the meeting that world oil production is now about 1 million to 2 million bbl. per day greater than demand. The excess output is acting as a restraint on countries wishing to push the price of oil ever higher. Said Sheik Ahmed Zaki Yamani, the Saudi oil minister, after the meeting: "The agreement...
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