Word: nigerias
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...take no action against Libya's 2,000 American residents, most of whom are oil-company employees and their families. Nor was there any indication by week's end that Libya, which ranks as the third largest supplier of oil to the U.S., after Saudi Arabia and Nigeria, planned to turn off the taps, for the very good reason that Libya has priced its oil too high and is having trouble finding buyers...
...ministers' multiplying troubles came as the direct consequence of the organization's past excesses. By not curbing the price-gouging tactics of hard-liners such as Nigeria, Libya and Algeria, OPEC has pushed up the cost of crude by almost 90% in the past two years, to an average price in excess of $34 per bbl. That rise has fanned inflation and cut economic growth around the world. More important, it has led businesses and individuals to reduce consumption and start looking to such alternative energy sources as coal, natural gas and solar power...
...biggest losers from these changes in the world energy market are three of OPEC'S leading price hawks: Libya, Nigeria and Algeria. These countries have steadfastly forced customers to pay as much as $40 per bbl. Since April, output in Libya has dropped by nearly 60% to 750,000 bbl. daily. The decline has been steep as well in Nigeria and Algeria. Both nations have limited petroleum reserves but large populations and ambitious economic development programs that they hope to pay for with the income from oil exports...
...Zealand's decision to play host to South Africa drew swift fire from a number of its Commonwealth partners, particularly the black African states, such as Nigeria and Zimbabwe. The 50-nation Organization of African Unity demanded that New Zealand be excluded from the 1982 Commonwealth Games in Brisbane, Australia. Nigeria helped persuade the Commonwealth's finance ministers to shift their September meeting from New Zealand to the Bahamas, a move that further vexed the besieged Muldoon. Said he: "My first reaction was to tell them to look for a good taxidermist, but I restrained myself...
...revenues in 1980 amounted to some $25 billion, or nearly 50% of the nation's entire economic output, but smaller oil receipts will be causing new problems. With an estimated $5.5 billion in foreign loans already on its books, Nigeria now faces the unpleasant choice of adding perhaps $3 billion more in international debts, or else drawing down its $10 billion in foreign exchange reserves...