Word: petroleum
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Dates: during 1980-1989
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...recent surge in energy costs, which was responsible for much of last month's increase in the producer price index. Oil prices, in particular, have been climbing for several weeks and may keep going higher. Reason: for the first time ever, oil producers who remain outside the Organization of Petroleum Exporting Countries (among them: Mexico, Egypt, Malaysia and China) have agreed to meet formally with the struggling cartel. This expanded group of oil exporters, which controls 57% of production outside the Soviet Union and Eastern Europe, could try to boost prices by fashioning an agreement to limit output. While such...
Committee members will also consider whether oil futures markets can be useful to governments as means of insuring themselves against oil price jumps, along with more traditional methods such as purchasing and stockpiling oil or keeping strategic petroleum reserves, said Kathryn M. Dominguez, assistant professor of public policy at the K-School...
These days, though, 10 Downing Street must be wondering if the Kuwait Investment Office is friend or foe. Reason: the Kuwaitis are still buying BP shares -- with an enthusiasm that has raised suspicions in Britain. Kuwait has spent some $1.9 billion, bringing its stake in British Petroleum up to 22%, to become BP's largest shareholder. The Kuwaitis insist that they will not seek a seat on BP's board. They initially promised not to raise their stake above 22.5%, but Fauad Jaffar, deputy chairman of KIO, seemed to waffle on that pledge during a recent television interview. Said...
...portfolios. Unlike Saudi Arabia, which has poured many of its petrodollars into grand domestic projects, Kuwait has invested most of its income overseas. The country holds $85 billion worth of stocks, bonds and real estate in the U.S. and Europe. Kuwait's overseas holdings provided a comfortable cushion when petroleum prices collapsed two years ago; in fact, the country earns more from investments than from oil exports...
...past, the Kuwaitis have acted as passive investors, shunning public attention. That could change in the case of British Petroleum. Whatever the Kuwaitis do with their stake in Britain's oil company, they will attract the closest kind of scrutiny...