Word: nigeria
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Dates: during 1970-1979
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...into production cuts that some cartel members may eventually find intolerable. Cutbacks would be particularly rough for Iran and Iraq, both of which plan substantial production increases hi the next few years to finance their grand development programs. Rather than reduce output, other populous countries with ambitious development schemes?Nigeria, Venezuela, Indonesia?might be tempted to buck the cartel by selling below the fixed price. Ecuador, which badly needs development money, is already in some trouble. High prices have cut demand for its oil by one-third since...
...members of OPEC, in order of last year's earnings are: Saudi Arabia, Iran, Venezuela, Nigeria, Libya, Kuwait, Iraq, United Arab Emirates, Al geria, Indonesia, Qatar, Ecuador and Gabon, which is an associate member. The United Arab Emirates is a federation of Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Quwain, Ras al Khaimah and Fujairah...
Several other countries rose on petropower. Oil made Nigeria not only black Africa's wealthiest nation ($9.2 billion in earnings) but unquestionably its strongest political force. Indonesia, though still abysmally poor, is showing the first glimmerings of its potential as Southeast Asia's economic leader, thanks to oil exports...
...poorest countries of Africa, Asia and Latin America were the worst hurt victims of the oil squeeze. Indeed, the developing countries' extra costs for oil last year totaled $10 billion, wiping out most of their foreign aid income of $11.4 billion from the industrialized world. In black Africa, only Nigeria has any big known reserves of oil, and Gabon, the Congo Republic and Angola possess some oil. For the other black African countries, the petrobill came to $1.3 billion last year. Development plans were stymied because so much money was drained off for oil. Drought-induced hunger became worse...
...Africa, the government-controlled press dominates the Ghana scene, but Nigeria has "the freest press in black Africa"; Egypt, where the picture is brighter, has lifted every restriction but military censorship...