Word: opec
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Dates: during 1960-1969
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...will shift to coal or atomic energy. But, says Manuel Perez Guerrero, Venezuela's skeptical Minister of Mines: "That's something that the companies will have to prove." Anyway, the Venezuelans seem willing to sell less oil for more money. In the Organization of Petroleum Exporting Countries (OPEC), they have been leading a campaign to assign production quotas in order to cut the worldwide glut of oil and thus strengthen prices...
Middle East oil is the cheapest and most plentiful in the world, but from now on international oil companies will have to pay more for it. Last week, after two years of haggling, the Organization of Petroleum Exporting Countries (OPEC) finally reached an agreement with the eight largest companies operating in the Middle East to increase royalties to host governments-4? a bbl. more on 1964 production, rising to 6? by 1966. All the area's major oil countries except Iraq have ratified the agreement, from which they stand to gain more than $100 million in added revenues...
While that was only a drop in the barrel-Middle East governments collected $1.75 billion from oil last year-the agreement marked the first time since OPEC was founded in 1960 that the organization has succeeded in getting more money out of the companies. The oil firms already pay an average of 75? a bbl. in royalties, plus a 50% tax on profits. In addition to an oversupply of oil and slumping world prices, the producers are now saddled with an added cost of doing business. They have no choice but to absorb...
Founded in 1960, OPEC now has eight members-Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia and Venezuela-and controls 90% of the world's oil exports. "Oil is the only resource that God gave us," says OPEC's secretary-general, Fuad Rouhani, 56. "We are not so much underdeveloped nations as we are underpaid nations." Having rebuffed the oil industry's big eight (five of which are U.S. companies), OPEC plans a meeting in the Saudi Arabia capital of Riyadh later this month to decide what is next...
Though nervous, few oilmen expect OPEC to recommend nationalization to member governments, though even a hint of that is an effective weapon in the haggling process. More likely, OPEC will simply try to squeeze more money out of the oil companies by imposing taxes on tanker loadings and pipeline shipments...