Word: opec
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...last Wednesday, an exhausted Rilwanu Lukman, the Nigerian Oil Minister and president of the Organization of Petroleum Exporting Countries, emerged from a conference room at Geneva's Intercontinental Hotel to announce that the cartel had ended its longest meeting ever. After 17 days of bitter wrangling, OPEC had agreed to renew its two-month-old pact to keep oil production down in an effort to push up prices. The group intends to hold daily output to 17 million bbl. a day, up only slightly from the current 16.8 million...
...start of the fractious meeting it seemed that any agreement might be scuttled by Kuwaiti Oil Minister Ali Khalifa Al-Sabah and his Saudi Arabian counterpart Sheik Ahmed Zaki Yamani. Kuwait and Saudi Arabia, OPEC's two richest members, had insisted on bolstering their production by some 10%. In the end, Saudi Arabia accepted no increase for itself and instead offered to donate its share of the 200,000 bbl.-a-day production hike to Kuwait...
...industrial failure is the theme of Halberstam, Pulitzer prizewinner and author of The Best and the Brightest and The Powers That Be. The product of five years of research, his latest book attempts to dissect the double whammy suffered by the U.S. auto industry at the hands of OPEC and Japanese automakers. Much of Halberstam's rambling 752-page work is devoted to a dramatic recapitulation of the dynastic and bureaucratic maneuvering at two firms, Ford of Detroit and Nissan of Tokyo, before and during the great U.S. auto crisis of the late '70s. But the moral that Halberstam...
...potentially more serious inflation threat is a rebound in the cost of oil. Since the members of the Organization of Petroleum Exporting Countries agreed in early August on a new pact to reduce production, oil prices have jumped from $11.55 per bbl. to more than $14. But the OPEC agreement expires on Oct. 31, and it is not at all certain to be renewed...
TIME's economists noted that OPEC's pact is vulnerable. OPEC nations will face powerful temptations to "open up the spigots" in violation of their production quotas, said Greenspan. Virtually every OPEC member is financially strapped and thus in dire need of income from oil sales. For that reason, the economists do not now foresee a continued run-up in oil prices...