Word: petroleum
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Dates: during 1980-1989
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...first time in the history of the Organization of Petroleum Exporting Countries that the group has met officially with ministers from nonmember states, in this case Angola, China, Colombia, Egypt, Mexico, Malaysia and Oman. As the oil czars gathered, the petroleum industry watched and wondered: Was a new, super-OPEC forming? Just the prospect of the meeting had sent the price of West Texas intermediate, the benchmark U.S. crude, rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were...
...meeting was motivated by the long, grinding decline in oil prices that has strapped petroleum-rich countries the world over. A decade ago, when OPEC controlled the bulk of oil output, the group could boost prices at whim. But as OPEC's share of the world's oil market has dwindled, from 56% in 1973 to 33% today, so has the group's control over prices. OPEC has tried to persuade its increasingly productive rivals to limit their output, but they have nonetheless pumped freely and helped swamp the market. They hitherto saw no reason to cooperate with OPEC, since...
...lawsuits can be attributed in part to growing litigiousness, some bankers have themselves to blame. In the early 1980s, lenders aggressively sought new borrowers in farming and oil, pushing generous loans under the presumption that the good times would keep on rolling. But when the bottom fell out of petroleum and commodity prices, many ventures were unable to meet payments. In some cases panicky bank officers intervened too harshly, giving borrowers grounds...
...politics of the superpower relationship. But under perestroika, General Secretary Mikhail Gorbachev's campaign to revitalize his country's economy, the Soviets are trying to attract American know-how to help step up the tempo of development. Encouraged by their overtures, dozens of U.S. companies -- among them Honeywell, Occidental Petroleum and Archer Daniels Midland -- are forming joint ventures in the Soviet Union...
Several industrial agreements have been signed since November. In the first of these ventures, Connecticut-based Combustion Engineering will provide machinery and software for managing petroleum production at refineries. Minnesota's Honeywell will equip Soviet fertilizer plants with high-tech manufacturing equipment. Occidental Petroleum will build two factories to supply plastics for food packaging, vinyl floors and other uses. Chevron is * discussing an oil-exploration venture, while Monsanto is negotiating joint production of a weed-killing herbicide...