Word: nigerias
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Some members are beginning to take price-boosting actions on their own. Last week Nigeria announced plans for a 10% cutback in the production of its much prized low-sulfur crude, Algeria threatened an even larger 20% cut of its own, and Kuwait indicated that it intended to reduce output by as much as 25% early next year...
...Nigerian and Algerian governments argue that the cuts are for purely technical reasons, to prevent the damage to their oilfields that would result if they continued indefinitely pumping out crude at recent rapid rates. Nigeria's claim may be partly justified, but Western oilmen charge that Algeria's alleged cutback is nothing more than a sleight of hand. Algeria is secretly selling the oil for top dollar to spot-market buyers. Reports a high oil company executive: "What appears to be a cutback is really just a diversion to the spot market. This is more than a suspicion...
Oilmen also accuse Nigeria of unabashed price gouging. Though cartel members agreed in June not to tack surcharges on top of the maximum $23.50 per bbl. for their crude, Nigeria for weeks has been demanding a $5 per bbl. premium on as much as half of its exports...
...some sympathy and a few laughs with his assurances that Tanzanian troops had been warmly welcomed when they "liberated" Kampala. "Our girls made love to them," he said. "What further evidence of solidarity do you want?" But Binaisa followed Nyerere in walking out of the conference when influential Nigeria joined in condemning Tanzania's "treachery...
...contains as much as 800 million bbl. of top-quality lightweight crude and "will considerably increase Mexico's oil reserves." Before this strike, the country's proven reserves of oil and gas stood at the equivalent of 40 billion bbl., well above those of both Venezuela and Nigeria but still far below Saudi Arabia's 160 billion bbl. Though Mexico is not a member of OPEC, it took a page from the cartel's book last week and lifted its prices from...