Word: miniglut
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Dates: during 1980-1980
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...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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