Word: opec
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...paid by re-exporting finished goods, but production was hampered by mismanagement, and foreign markets were reduced by the Western recession of the mid-1970s. Spiraling bills for imported oil, 80% of which comes from the Soviet Union, presented yet another problem. Moscow's preferential price, though well below OPEC rates, has risen sharply since 1974. Poland must therefore divert more exports to the Soviet Union instead of selling them for hard Western currency. The result: a staggering foreign debt of more than $19 billion...
...three of the world's largest and richest oil companies been caught cheating a major OPEC oil-producing nation out of $6.1 billion? Or was it simply that the OPEC producer was attempting to blame the oil companies for the missing money in order to cover up its own administrative incompetence...
...future under Reagan might be a kind of doubling back to the simpler past of the '50s: not the most ennobling American era, they admit, but not such a bad one either. Worse things have happened, such as 20 years of assassinations, riots, Viet Nam and Watergate, OPEC's extortions and the dollar's humiliation. Après Ike, le déluge. Eisenhower's '50s begin to seem an almost golden time...
STEEL. After a three-year study, Congress's Office of Technology Assessment declared that unless domestic steel manufacturers receive federal aid, the U.S. will soon become as dependent on imported steel as it now is on OPEC oil. It recommended that steelmakers increase capital spending 50% over the next ten years to about $3 billion annually...
What makes Bahrain so potentially significant is that Western banks no longer have a virtual monopoly on handling the huge surpluses that the members of OPEC regularly amass-as much as $117 billion this year alone. Instead, a new breed of Arab-owned banks is picking up an expanding percentage of the action. Though new to the game, some of these institutions are starting off with formidable monetary bases. Begun in 1977, Gulf International Bank has assembled assets of nearly $3 billion and is competing with the big U.S. financial institutions in loan underwriting. The newly founded Arab Banking Corp...