Word: nigerias
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...never did cut production by as much as the 25% that they claimed; total tanker loadings at six Middle East ports for the last three months of 1973 rose 31% above those of a year earlier. The international oil companies have been rerouting much crude from Iran, Indonesia and Nigeria to the U.S., replacing Arab oil that America, as a friend of Israel, is not supposed...
...Nigerian civil war four years ago this week, the Ibo people of rebellious Biafra feared that defeat would bring genocidal vengeance from the victorious Nigerian army. Instead, the Ibos are prospering as citizens of a federated Nigeria. The credit goes in large part to the young head of state, Major General Yakubu Gowon, who decreed a policy of "no victor and no vanquished" after the savage civil war that took at least 1,000,000 lives...
Long the best-educated and most industrious of Nigeria's tribes, the Ibos have used their resources to rebuild their war-torn region instead of carrying on a vendetta. When the war ended, the defeated Biafran leader, Colonel Odumegwu Ojukwu,* bitterly boasted that the Ibos would rebel again. He turned out to be wrong. Ibos these days rarely speak of Biafra or of secession. "We tried and lost," says an Ibo businessman in Ibadan. "That finishes it. From now on, we are all Nigerians...
Right now, the spirit in oil markets is one of manic price escalation. Producers round the world last week joined in the gargantuan increases started by the Persian Gulf nations. Nigeria and Venezuela, which supply 10% of U.S. oil imports, raised posted prices (a theoretical base figure for taxes that influences the actual selling price) to more than $14 per bbl., topping the Persian Gulf price of $11.65. Libya more than doubled its posted price to a hair-raising $18.76. Indonesia, supplier of 6% to 7% of the oil that the U.S. imports, lifted its actual selling price from...
...this Third World gloom, there is of course one standout exception: the handful of underdeveloped countries that happen to be oil producers, including Iran, Indonesia, Nigeria, Venezuela and several Arab states, have struck a bonanza. Indeed, they could now afford to help their underdeveloped brethren, by setting a lower price on oil exported to poor countries than on petroleum sold to industrialized lands. In the past, however, oil producers have turned a deaf ear to pleas that they organize such a two-price market. They have argued, probably correctly, that it would lead to a black market that would siphon...