Word: opec
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...impact of the 21st century's first oil alarm was equally apparent in other developing Asian countries. In Indonesia?a proud member of the OPEC cartel, never mind the fact that it's now a net importer of crude oil?the currency is in free fall and the government is burning through its foreign exchange reserves, thanks to a longstanding and increasingly ruinous policy of providing subsidized fuel to consumers. Gasoline in Jakarta costs a mere 27? per liter; some economists worry that if the government continues to spend an estimated $1 billion a month on fuel subsidies...
...soaring price of oil irrelevant? No, but this oil crisis is different. When OPEC choked off supplies in the 1970s and '80s, it set off a vicious circle of inflation, soaring interest rates and economic decline. But this time, oil prices are rising for the opposite reason: a big growth in demand, particularly from China, rather than a curtailing of supply. In addition, developed countries have generally reduced their dependence on oil as services have replaced manufacturing, while central banks have become smarter about nipping inflation in the bud. And critically, China's status as the low-cost workshop...
...year-old insurance exchange, has often accepted offbeat jobs. Its member underwriters have insured ships against sinking, actresses against breaking their legs, and at least one rock star (David Lee Roth of the Van Halen group) against paternity suits. The latest unusual client: the Organization of Petroleum Exporting Countries. OPEC has hired a Lloyd's subsidiary to help find out which countries in the 13-member cartel are exceeding their production quotas and thus depressing oil prices...
Revenge is sweet. I remember OPEC ministers and U.S. oilmen admonishing American consumers for our unrestrained consumption of oil. I remember, too, those avaricious souls telling the world that high oil prices were nothing more than the result of supply and demand. Now that the cycle has reversed itself, let OPEC and American oil producers suffer. Mike Huberty Knoxville...
...When the OPEC oil cartel was at the height of its power in the 1970s and early 1980s, Persian Gulf banks flourished like palm trees in a desert oasis. Arab governments, rich on oil revenues, were financing projects ranging from airports to universities, and the influx of money caused bank assets to grow 20% a year. Newly prosperous gulf families built banks as status symbols to impress their neighbors. The United Arab Emirates, which has a population of 1.3 million, had 53 banks in operation last year. Said an American economist who has studied the financial development of the Middle...