Word: nigerias
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Welcome as it is to some oil-importing nations, the weakening price of crude means an abundance of troubles for many oil exporters. Nations like Nigeria, Iran and Libya have year after year pushed the price of crude to ever higher peaks in order to finance ambitious development programs. Now the sagging demand for petroleum is crimping export earnings, cutting into government revenues, and in some cases even beginning to threaten the continuation of many big industrialization projects...
...hardest hit nations is Nigeria. As sales have fallen off, Nigeria's output has slipped in recent months. Daily production is now running at little more than 1.6 million bbl., down nearly 30% from 1980 levels...
Endowed with only 30 years of proven reserves, the most populous and powerful nation in black Africa had been counting heavily on high prices to pay the cost of a colossal industrialization and agricultural development program designed to buoy the economy after the oil runs out. Since 1975, Nigeria has spent upwards of $80 billion on economic development, and in the coming four years the government of President Alhaji Shehu Shagari wants to spend perhaps $152 billion more. In 1981 alone, overall imports are expected to reach $24 billion, mostly for heavy machinery, transportation equipment and food...
Last week the OPEC oil ministers were trying to reach a consensus prior to the Geneva meeting. One proposal: Saudi Arabia, the free world's largest oil producer, would increase its prices slightly if countries like Libya and Nigeria, which have been charging almost $10 per bbl. more for oil than the Saudis, would agree to lower their prices. In addition, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that the cost of crude be frozen until...
...refusing to buy it. Standard Oil of California, which markets under the Chevron brand, Phillips Petroleum and Marathon Oil have all announced that they are cutting by $1 per bbl. the amount they will pay for certain grades of domestically produced crude. Atlantic Richfield has reduced purchases from Nigeria by 60,000 bbl. a day, and industry experts say that Ashland Oil has indefinitely suspended purchases of some 90,000 bbl. a day of crude from Mexico, along with another 17,000 bbl. daily from the African country of Cameroon. In the past two weeks, Mexico, Ecuador and Egypt have...