Word: opec
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...late. For Ahab is plotting with his free-market cohorts, the sultan is distracted, and the profit motive looms large in Abyssinia. At the end of the first act (which runs for a marathon 90 minutes), cliff-hanging questions remain: will capitalism turn the sandy Solong into an OPEC nightmare? Will the big-hearted Celia Lips be able to stop the evil Ahab and his mercenary fling, the Countess? Will the Sultan ever discover his own hormones? And will the overfed Ethel land a job with the Chicago defense...
...slide early in the week occurred when members of the Organization of Petroleum Exporting Countries confirmed that the group has in effect abandoned any effort to curb its production, thus ensuring a worsening global glut. Meeting in Vienna under dark snow clouds, a committee of oil ministers from five OPEC nations--Venezuela, Indonesia, Iraq, Kuwait and the United Arab Emirates--declined to propose any new output limit for the 13- member group. Their decision goes along with the strategy being pursued by Saudi Arabia, Kuwait and other wealthy oil producers, who are flooding the market with excess petroleum. These countries...
...though, most oil countries have kept right on pumping. OPEC, meanwhile, is currently producing at least 17.5 million bbl. a day, even though demand for its oil is only at 15 million bbl. As a result, prices are plunging while the countries wait to see which one will be the first to blink. The standoff could bring months or even years of rock-bottom energy bills. Says Mani Said al-Oteiba, Oil Minister of the United Arab Emirates: "The price war is here." Adds Constantine Fliakos, senior petroleum analyst at Merrill Lynch: "It's a case of everyone for himself...
...OPEC go from a strategy of one-for-all to a free-for-all? The cartel's disintegration began in 1981, when prices started sliding because of worldwide overproduction, partly caused by consumption cutbacks in many oil- dependent nations. To sop up the surplus, OPEC imposed output limits on its members. But that only provided a chance for such new producers as Mexico and Britain to steal business from OPEC countries, whose market share consequently dropped from 63% in 1979 to 38% currently...
...under way. To boost their shares of the energy market, hard-pressed members of the Organization of Petroleum Exporting Countries and rival suppliers Britain, Norway and Mexico have been flooding the world with an ocean of oil. The battle reflects the aggressive new tactics of Saudi Arabia, the largest OPEC producer, which has doubled its output in recent months. "The Saudis shocked the market," said one U.S. oil expert. "It was like being hit over the head with a baseball...