Word: petroleum
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Dates: during 1970-1979
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...seems to know. The confusion stems in large part from a schism among the 13 members of the Organization of Petroleum Exporting Countries. At their December meeting in Qatar, the cartel broke into two warring camps (TIME, Dec. 27). Eleven members, led by Iran and Iraq, raised their prices by 10%, to an average $12.70 per bbl. (v. $2.30 per bbl. in pre-embargo 1973); they also agreed to hike prices a further 5% on July 1. But the Saudis and their allies, the United Arab Emirates, arguing that higher fuel costs would hamper the recovery of the industrialized world...
...Losers. On balance, the Saudis and the Emirate allies appear to have been winning the price war. Despite winter storms that hindered tanker loadings at Saudi ports and heightened U.S. demand for imported petroleum, the lower Saudi and Emirate prices forced the increase in the average world price of oil to remain a couple of percentage points below the posted 10%. Now, as warm weather reduces heating-oil demand, the world oil market has softened somewhat, making price more important than ever. As a result, Saudi and Emirate sales have been soaring; Saudi output, averaging 10 million...
...fall short of meeting demand by 15 million to 20 million bbl. per day -about as much as the U.S. uses now. Moreover, the shortfall is likely to occur even if coal production doubles, the output of nuclear-generated power multiplies 15 times, conservation measures cut the increase in petroleum demand to half its historic growth rate, and the "real" price of oil (discounted for inflation) rises 50%, further reducing consumption...
...most other major economies remain plagued by inflation, stagnation, a dearth of investment capital and monetary imbalances caused largely by momentous outflows of funds to member states of the Organization of Petroleum Exporting Countries to cover fuel bills. A new index of "composite economic performance" compiled by the U.S. National Bureau of Economic Research, combining such measures as gross national income, output, sales and employment, shows that the summit seven as a group have largely regained their pre-recession heights of economic activity (see chart following page). But the progress is erratic. Except for the U.S., only Italy has surpassed...
...bills caused by OPEC's quintupled prices. While a small handful of OPEC countries have been amassing a $150 billion balance of payments surplus, the non-oil producing less developed countries, or LDCs, have plunged into debt by almost the same amount-$142 billion-to pay for petroleum. In only three more years, that debt load is expected to rise to a staggering $241 billion...