Word: nigerias
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...dropped 2.9%, to $33.80 per bbl. Last week the state-owned British National Oil Corp. (BNOC) startled the petroleum industry by knocking $1.50 off its quoted price. Britain is not a member of OPEC, but BNOC competes directly with the state-owned oil companies of Libya, Algeria and Nigeria. Oil traders now expect those nations also to shave prices...
...James Nourse, has become the fastest-selling title in the history of Bantam Books, outpacing Jaws and Valley of the Dolls. Buoyed by the acute aggravation of frustrated cube twiddlers, Nourse's book has topped bestseller lists in the U.S. and around the world from New Zealand to Nigeria. Says John May, managing director of George's Booksellers in Bristol, England: "The cube phenomenon is the biggest thing of its kind we have ever experienced. Books on the cube are selling like mad." Even august Cambridge University Press has entered the field with Conquer That Cube...
...also alarmed Chad's President Oueddei, who sought a way of escaping Libya's smothering embrace. He supported a proposal of the 50-nation Organization of African Unity to provide troops that could replace the Libyans, whose numbers by last month had reached an estimated 10,000. Nigeria and Senegal were willing, but nothing came of the plan...
...face of declining demand, some OPEC prices have been tumbling. Members like Nigeria and Libya, which last January were demanding $40 and more for a barrel of their precious product, have been forced to cut rates in an effort to unload their crude. Nigeria slashed its prices twice, during the summer and autumn, to $34.50. Libya reduced its price by $1 per bbl., but sales still dropped by 60%. Underscoring the weakness in the world market, the big U.S. oil companies last week reported sharp profit drops for the period from July through September. Exxon's earnings fell...
...million bbl. The only real disagreement at the session was over the various premiums that members could charge for their crude in addition to the new base price. Algeria and Libya, for example, will be permitted to demand $4 per bbl. more for their crude, while Nigeria can ask an additional...