Word: oiling
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Dates: during 1980-1989
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...first time in the history of the Organization of Petroleum Exporting Countries that the group has met officially with ministers from nonmember states, in this case Angola, China, Colombia, Egypt, Mexico, Malaysia and Oman. As the oil czars gathered, the petroleum industry watched and wondered: Was a new, super-OPEC forming? Just the prospect of the meeting had sent the price of West Texas intermediate, the benchmark U.S. crude, rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were...
...meeting was motivated by the long, grinding decline in oil prices that has strapped petroleum-rich countries the world over. A decade ago, when OPEC controlled the bulk of oil output, the group could boost prices at whim. But as OPEC's share of the world's oil market has dwindled, from 56% in 1973 to 33% today, so has the group's control over prices. OPEC has tried to persuade its increasingly productive rivals to limit their output, but they have nonetheless pumped freely and helped swamp the market. They hitherto saw no reason to cooperate with OPEC, since...
...persistence of the glut this spring finally prompted several non- OPEC nations to agree to a summit with OPEC. While some of the biggest producers declined to participate (among them Britain, the Soviet Union and the U.S.), the meeting was a somewhat threatening development for oil-gulping countries. That includes the U.S. as a whole, which imports 37% of its daily consumption. Energy Secretary John Herrington, on a seven-nation swing through Southeast Asia, was inspired to lecture non-OPEC countries that the Reagan Administration was opposed to any manipulation of the price of oil. He told TIME, "The efforts...
...Vienna six of the seven non-OPEC summiteers (Colombia excluded) came up with a proposal for boosting prices. They promised to cut their crude-oil exports by 5% if OPEC would do the same. The cutback would be easier for the smaller group to accomplish than for OPEC. Among the six, a 5% reduction would amount to only about 200,000 bbl., while for OPEC it would be more like 700,000 bbl. In return, OPEC members debated a counterproposal that would reduce the group's total production...
...Oil Minister from Iran, which is eager to boost its income to help pay for its 7 1/2- year-old war with fellow OPEC member Iraq, heartily endorsed the 5% solution. But Hisham Nazer, the influential Saudi Arabian minister, was cool to the proposal. His country's severing of diplomatic ties with Iran last week after years of conflict with its Persian Gulf neighbor did not help matters...