Word: opec
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Last week the OPEC oil ministers were trying to reach a consensus prior to the Geneva meeting. One proposal: Saudi Arabia, the free world's largest oil producer, would increase its prices slightly if countries like Libya and Nigeria, which have been charging almost $10 per bbl. more for oil than the Saudis, would agree to lower their prices. In addition, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that the cost of crude be frozen until...
...OPEC's sales are slumping in part because the sky-high cost of crude has made consumers far more conscious about conservation than almost anyone had thought possible. In the U.S., consumption has dropped by 6.2% from year-earlier levels, and imports have slumped by more than one-fifth, to about 5.4 million bbl. daily...
...behavior of the economy takes a certain amount of personal shame out of joblessness; if Ford closes down a plant in New Jersey and throws 3,700 workers into the unemployment lines, the guilt falls less on individuals than on Japanese imports or American car design or an extortionate OPEC...
...ever bigger profit fulfills a venerable tradition, but as President Bok declared in a report on the business school in 1979, the corporation has become more complex and difficult to manage in recent years. Its executives must learn to deal with fractious minorities, imperious bureaucrats, foreign coups, angry environmentalists, OPEC maneuvers and, most perplexing of all, an increasingly widespread sense of uncertainty about the corporation's role in the nation's life. Said Bok: "Most classroom discussions
...Saudi pricing proposals are expected to be one of the main topics for discussion at the meeting of OPEC members in Geneva on May 25. But it is unlikely that the 13 nations will be able to agree at that session on a change in the way oil prices are fixed...