Word: opec
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Dates: during 1980-1989
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THIS month OPEC members met with non-OPEC oil producing nations for the first time, determined to curb global oil production and boost oil prices. The prospect of a resurrected cartel and another energy crunch has the Reagan administration worried. And that might not be so bad, after...
Reagan thought OPEC was finished. The cartel began to self-destruct in the early 1980's when internecine squabbling and cheating on production quotas rendered it powerless to prop up oil prices. Combined with Carter-era conservation programs, excess production led to a world-wide glut. The price of a barrel of oil fell by one-third, ushering in the economic recovery of the Reagan...
DESCRIPTION: Crude oil production in millions of bbl. a day by OPEC and non- OPEC countries, 1973-1987; Color illustration of can dripping oil onto head of Arab...
...their crude, an activity that has earned him opprobrium in Washington and some appreciation in Texas. Said an Administration official: "It's his personal business. It's nothing we condone, but we can't stop him." Hance contended that he has no interest in any formal alliance with OPEC, but he added, "What they do here in Vienna has more effect on the Texan economy than what the ! state government does in Austin. For us not to be here and have some dialogue and communication is ridiculous...
While the oil surplus is expected to endure for several years, prices are likely to increase somewhat over the next few months. Whatever OPEC resolves to do, the main impetus for rising prices is likely to be heightened demand from a growing world economy and oil-guzzling consumers. Gasoline demand in the U.S. has returned to preconservation levels, topping 7 million bbl. a day during the first quarter of this year, the highest rate since...