Word: opec
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...OPEC itself is in disarray. Iran and Iraq, for example, have been waging a war of attrition for 18 months, and Iran two weeks ago reduced its oil price by $2 per bbl. to increase sales, raise money and pay for the fighting. Libya's leader Muammar Gaddafi last week let off a tirade against the U.S. and Saudi Arabia, which he accused of producing too much oil and driving down prices. He said that the oil producers now face an "economic blockade" ordered by America and executed by Saudi Arabia. Production by the 13 members of OPEC...
Petroleum producers that are not OPEC members, and that only a few years ago had little influence over world oil markets, are beginning to make their weight felt. Non-OPEC countries, including Britain, Mexico and the U.S., currently produce about half of the free world's crude and have become an influence on international prices as OPEC'S share has fallen to 43%. Last week the British triggered the latest panic in the world oil market by reducing the price of oil from its 20 North Sea fields from...
...figures show that in the third quarter of last year, new loans to OPEC countries rose to $2.4 billion, almost double the amount of the previous quarter. That borrowing was still not enough, says the bank, to keep up with OPEC's internal spending demands as it pursued vast new construction projects and other modernization programs. So in the third quarter of 1981 OPEC countries withdrew a total of $700 million from their Western bank accounts. In the same quarter of 1980, they had deposited $10.9 billion in those accounts...
Last week's British decision to cut North Sea oil prices and the decision by Iran two weeks ago to reduce its prices finally pushed OPEC into action. Said a State Department analyst: "This has been one of the biggest threats yet to OPEC unity." United Arab Emirates Oil Minister Mani Said al-Oteiba, the current president of OPEC, announced that there would be a "consultative" meeting of the organization later this month. The session will sound out OPEC'S members on how much oil each is willing to keep off the market to stabilize prices...
...critical participant at the upcoming meeting will be Saudi Arabia. With 40% of OPEC's production, the Saudis are the key to any plan to reduce production and hold up prices. It was the Saudis, in fact, who forced OPEC's price reduction from $36 per bbl. to $34 per bbl. last October. The Saudis have trimmed production to about 7.5 million bbl. daily from a high of 10.5 million last summer, but experts feel that they would have to cut output to 7 million or even 6 million bbl. to dry up the glut and stop...