Word: petroleum
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Dates: during 1970-1979
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...producing countries, of course, may try to prevent a drop. "We will produce just as much oil as we need for the development of our economy-and no more," says an Arab spokesman. The implication is that some members of the Organization of Petroleum Exporting Countries will reduce output to keep supply and demand in balance and prices high. Indeed, Venezuela, Kuwait and Libya have already decreased their production of oil; but Iran, Nigeria, Indonesia and others have stepped up theirs, more than making up the slack...
...Dutch/Shell, have shifted oil shipments so that virtually the same amount of crude is entering Rotterdam as was a year ago. Shipments of Iranian and Nigerian oil originally destined for nonembargoed nations like Britain and France have been brought to Rotterdam, while The Netherlands' usual share of Arab petroleum has been sent elsewhere. The Arabs themselves have permitted the oil companies to off-load some Arab oil in Rotterdam-if its ultimate destination is Belgium or West Germany's Ruhr Valley, both connected to the Dutch port by pipeline. The result, says a Rotterdam municipal official, is that...
...about 80% of Indonesia's exports of 1 million bbl. per day, agreed to the boost. The U.S., which imports 17% of Indonesia's output, has no choice but to pay up too-and hope that the logic of supply and demand will prevail when the other petroleum exporters review prices July...
...abate somewhat?maybe. In the U.S., for example, the Nixon Administration is predicting that inflation will slow to 5% to 6% by year's end, with the best of breaks: a letup in consumer demand caused by a business slowdown, a record crop this fall and an easing in petroleum prices. Even that less than comforting scenario, and similar ones projected in other nations, could go awry if labor unions force fat settlements. In the U.S., AFL-CIO President George Meany and other leaders are talking up a drive for wage and benefit boosts of 10% or more this year...
...PETROLEUM. Steadily rising prices for petroleum products ensure that owners of drilling rights will make a killing. Although the Government controls the price of most oil, two important categories are exempt from regulation: "new" crude (the amount a well produces in excess of what it pumped during the corresponding period in 1972) and oil from "stripper" wells that produce 10 bbl. a day or less. Stripper oil is selling for as much as $10 per bbl., enabling the owner of a well that produces 5 bbl. daily to turn a profit from a property that a year ago would have...