Word: opec
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...weak oil market is now putting OPEC on the spot. During 1980, the cartel's production dropped to nearly a decade low of 27 million bbl. a day, even though Saudi Arabia, the group's single biggest producer, has since last autumn been pumping daily almost 2 million bbl. over and above its self-imposed output ceiling of 8.5 million...
...Saudis could tighten up world oil supplies at a stroke by simply cutting back on their "excess" production. But the desert kingdom, for now at least, is holding output high and depressing prices, ostensibly to force other OPEC members to support a Saudi plan to link the price of oil to inflation and the value of key world currencies. Such a pricing formula would bring about a moderate but steady long-term rise in petroleum prices...
...Saudis' overriding political purpose is thus to persuade Washington to pressure Israel into working toward a solution to the Palestinian problem. U.S. officials were caught by surprise in 1973 when the Saudis joined OPEC in the oil embargo. Observers now caution that Washington should be under no illusion that the Saudis would not use their oil weapon again if they felt they had to. Moreover the Saudis presently feel that the US owes them a great deal for having increased oil production twice during the past two years-and at a price that is $4 per bbl. below that...
Indeed, a plan to tighten the market back up, was precisely what the six OPEC ministers had gathered in Geneva to discuss. At the meeting was not just Saudi Arabia's Sheik Ahmed Zaki Yamani, whose nation accounts for almost half of the cartel's oil output, but representatives of Kuwait, Nigeria, Algeria, Indonesia and Venezuela as well...
Otto Eckstein, Warburg Professor of Economics, told the parents that the economy will improve during the next four years whether or not President Reagan has any economic policy. The chances are slim that OPEC will raise oil prices as drastically as it has in the last four years, Eckstein said...