Word: petroleum
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Dates: during 1970-1979
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...seven members of the Organization of Petroleum Exporting Countries at the conference-Saudi Arabia, Iran, Iraq, Algeria, Indonesia, Venezuela and Nigeria-made ritual and occasionally heated objections to Kissinger's arguments. "Blaming the world's difficulties on [the oil producers'] actions and decisions not only is unconvincing," said...
...with the rich has survived, even though the OPEC price hike did more harm to the economies of underdeveloped nations than to those of the West. Most First World countries ultimately succeeded in boosting exports of their manufactured goods and technology enough to offset the higher import costs of petroleum. Developing countries, on the other hand, have had to spend so much of their foreign currency reserves on costlier oil or petroleum products that many have had to cut back sharply on development plans requiring capital equipment imported from the West. By joining in the chorus that blames the First...
...synthetics would be similarly foolish, for it would impede technical progress. The poor may even be disappointed by the results achieved by new cartels. Unlike petroleum, other raw materials face tough competition from substitutes, synthetics and recycling. If bauxite becomes too costly, other materials can be used to replace aluminum; containers, for example, may be made from tin or glass instead. Moreover, as a cartel drives up the price of a commodity, at some point it becomes
Nigeria. The government at present owns 55% of the oil operations of Gulf, Mobil, Texaco and a Shell-British Petroleum joint venture. And as recently as August, it disclaimed any attempt to grab for more. Nonetheless, some oilmen expect an effort at complete nationalization soon...
United Arab Emirates. Abu Dhabi, the leading producer, has been negotiating sporadically to raise from 60% to 100% the emirates' ownership of local production, but it has indicated that it plans to leave the current 60%-40% arrangement intact through 1976. Says U.A.E. Petroleum Minister Mani Said Utaiba: "We feel we shouldn't rush things...