Word: opec
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...billion. The Canadians have some $30 billion in securities and other assets in the U.S. Although investment tallies for most countries are routinely made public by the U.S. Treasury, the Government insists on guarding the confidentiality of those by Saudi Arabia, Kuwait, the United Arab Emirates and other OPEC members. The Treasury will reveal only the combined totals for all 13 OPEC members, so that neither Congress nor the public knows how much any individual country has invested in the U.S. The latest figures for OPEC holdings: $34.9 lion in Government securities; $6.1 billion in corporate bonds; $8.5 billion...
...Treasury has refused to release a country-by-country breakdown of OPEC investments in the U.S. since 1974, when then Secretary of the Treasury William Simon agreed to the request by Saudi Arabia and Kuwait for confidentiality in exchange for substantial increases in their purchases of U.S. Government securities...
...that will weaken us economically. He worries about stockpiling mountains of weapons for a surprise nuclear salvo that is the least likely of conflicts. Meanwhile, the nation might be left unprepared for small, sharp fights that could paralyze us by cutting off oil or scarce minerals. Taylor notes that OPEC price increases shook the foundation of NATO and diminished American power as much as some Soviet military improvements...
...producers' troubles are expected to push down crude prices, which have already been sagging as the economy slows and consumption diminishes. One OPEC member, Nigeria, last week sliced $4 off the price of a barrel of its high-quality oil, bringing the cost down to $36 per bbl., and inviting price cuts from competitors like Libya and Algeria...
Lower oil prices mean lower profits for oil companies. Many companies own oil reserves in non-OPEC member nations, and thus get less for their petroleum and refined products when cartel prices drop on the world market. As a result, energy stocks themselves dropped. The price of a share of Getty Oil Co. slumped 6.2%, to 68¼ on Monday alone. Shell dropped 4⅜ to an end-of-week low of 41⅛. Phillips Petroleum dropped...