Word: nigerias
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Both the surpluses and the deficits will drop when the OPEC countries expand their buying, lending and investing abroad. In stepping up their domestic development plans, they will have to enlarge their imports. This can be accomplished fairly easily by seven of the OPEC members: Iran, Venezuela, Indonesia, Iraq, Nigeria, Algeria and Ecuador. They have relatively big populations and much poverty?hence much need for internal development. The huge problem is that six other, lightly populated Arab states?Saudi Arabia, Libya, Kuwait, Abu Dhabi, Dubai and Qatar?are collecting far more money than they can possibly spend. These six, embracing...
...into production cuts that some cartel members may eventually find intolerable. Cutbacks would be particularly rough for Iran and Iraq, both of which plan substantial production increases hi the next few years to finance their grand development programs. Rather than reduce output, other populous countries with ambitious development schemes?Nigeria, Venezuela, Indonesia?might be tempted to buck the cartel by selling below the fixed price. Ecuador, which badly needs development money, is already in some trouble. High prices have cut demand for its oil by one-third since...
...members of OPEC, in order of last year's earnings are: Saudi Arabia, Iran, Venezuela, Nigeria, Libya, Kuwait, Iraq, United Arab Emirates, Al geria, Indonesia, Qatar, Ecuador and Gabon, which is an associate member. The United Arab Emirates is a federation of Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Quwain, Ras al Khaimah and Fujairah...
Several other countries rose on petropower. Oil made Nigeria not only black Africa's wealthiest nation ($9.2 billion in earnings) but unquestionably its strongest political force. Indonesia, though still abysmally poor, is showing the first glimmerings of its potential as Southeast Asia's economic leader, thanks to oil exports...
Major participating artists include Americans Charles White and Ernest Crichlow and Nigeria's Z.K. Olorumtoba...