Word: persian
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...events have a way of intruding on the best-managed campaigns, suddenly placing the candidates at the mercy of happenings largely beyond their control. If the economic indicators go up, as they did last week, Carter presumably benefits. Nobody can yet predict what will happen in the Persian Gulf war or who might gain from it. Carter might appear statesmanlike in his role as Commander in Chief, or he might seem inept because of his inability to influence events...
...Saddam is the Arab world's newest and most determined strongman, and he is not about to allow himself to be toppled from his pinnacle by simple negligence. His bold designs to supplant the late Shah of Iran as the watchdog and kingpin of the Persian Gulf have made him a force to be reckoned with throughout the region. At times, in fact, his behavior seems oddly reminiscent of the ousted Iranian monarch-his largesse with the nation's new-found oil wealth, for example, and in his touches of self-esteem that some critics say verge...
...cushion: oil stocks now are more plentiful than they have ever been. On average, they are equal to about 100 days' supply in the non-Communist world. Aside from the high inventories, there is also considerably less demand because of the global recession. Before the Persian Gulf war, according to British Energy Secretary David Howell, free-world production was exceeding consumption by about 2.5 million bbl. a day. The excess had resulted in a general agreement by the Organization of Petroleum Exporting Countries at their Vienna meeting two weeks ago to slash output by 10%. "My understanding is that...
...relative steadiness in financial markets was based on a widespread belief that the fighting in the Persian Gulf would be of limited duration and would not seriously interrupt or reduce the petroleum flow. The world currently has a comfortable 2 million to 3 million bbl. per day oil-production surplus, and in the short run, other OPEC nations could make up the loss of crude exported by Iran and Iraq...
...much a cause of the market drop as war fears. "A lot of people here were amazed at how well the market has held up in this crisis," said Anthony Estep of Salomon Brothers. Barring a calamitous widening of the war that would cut off all oil from the Persian Gulf, the long-running Wall Street bull market could easily resume...