Word: opec
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...Economy. The fundamental issue is that Nigeria is a single-export economy. Oil accounts for more than 90% of our foreign exchange earnings. We earn dollars because of the OPEC pricing system, but we are suffering now because we produce less and sell the oil at lower prices. We must import only goods that are basic and essential to our economy. A lot of emphasis has been put on agriculture. Because of the shortage of food in the country, people are going back to the land. We have taken stock of our debts and redone the budget. We tried...
Three years ago, OPEC was a global oil power whose $35 price per bbl. of crude meant nightmarish gasoline prices and stagnant economies for the industrialized world. But along with staggering energy costs came recessions and conservation measures that whave resulted in a worldwide oil glut. Last week the 13 members of OPEC 1 gathered in Vienna and struggled to hold onto their bench-mark price of $29 per bbl. and a production ceiling of 17.5 million bbl. a day that they established in March...
...while longer. Quota cheating by the small Persian Gulf states and price discounting by Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity, the oil ministers allowed heavily indebted Nigeria to increase its daily...
...crisis of the 1970s and the global recession of the early 1980s have turned the IMF into the Third World's principal banker. After OPEC quadrupled oil prices in 1973, developing countries like Brazil borrowed heavily from private banks, in part to pay their steep oil bills. Meanwhile, Mexico and other poor countries with large oil reserves felt themselves suddenly rich and sought money to finance ambitious development projects...
...dark days of the Iranian Revolution in 1979, Jimmy Carter left a week-long retreat at Camp David with a plan to free the U.S. from its bondage to OPEC oil. He proposed creating an $88 billion Energy Security Corporation that would encourage alternative energy projects, primarily through loan and price guarantees. The ambitious goal to produce the equivalent of 2.5 million bbl. of oil per day by 1990. When Carter signed the Energy Security Act on June 30, 1980, he declared, "The keystone of a national energy policy is finally being put into place...