Word: nigerias
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After four days of dispute, the meeting in Caracas broke up with hard-line hawks such as Iran, Libya, Nigeria and Algeria planning to charge a minimum of $28.50 per bbl. and perhaps $30 or even more, while other cartel members said that they intended to go no higher than $24. All in all, the rises add up to a big increase over the OPEC official maximum of $23.50 that had prevailed since summer, the $18 that Saudi Arabia, the cartel's leading producer, had posted until two weeks ago, and the $12.90 that OPEC averaged a year...
...level, where much of the rest of OPEC has been for months, Saudi Arabia is attempting to return order and stability to the cartel's chaotic price structure as well as head off demands in Caracas for much steeper hikes by such cartel radicals as Iran, Libya and Nigeria. Said Saudi Oil Minister Ahmed Zaki Yamani: "We wanted to avoid a hot discussion in Caracas that might lead to a much higher level of prices...
Those hopes were extinguished almost immediately by the Clemson Tigers, whose roster includes such ominous-sounding names as Nnamdi Nwokocha (fr., Nigeria), Obed Ariri (sr., Nigeria), Godwin Ogbueze (sr., Nigeria) and Vincent Chika (fr., Nigeria...
...force last week reported that there is a "substantial risk" of a drop in OPEC output of as much as 3 million bbl., an amount just about equal to total current Iranian production. The drop would be caused by expected cutbacks early next year by Saudi Arabia, Kuwait, Iraq, Nigeria and Libya. Thus oil prices stand to rise considerably even if Iran does not reduce its current production...
...spot market chaos will fuel demands for a big new surge in official OPEC prices when the cartel meets in Caracas on Dec. 17. Already Algeria and Libya have pushed their prices beyond the ceilings set by OPEC in June, and last week Nigeria jumped to $26.27 per bbl. Oil executives now gloomily forecast that the official OPEC ceiling could soon reach $28 to $30 per bbl., raising the U.S. energy import bill from some $65 billion this year to as much as $90 billion next year...