Word: petroleum
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Dates: during 1980-1989
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Those words by Subroto, the Indonesian Oil Minister and the current president of the Organization of Petroleum Exporting Countries, show how the once mighty oil group has fallen. Only a few years ago, whenever OPEC met, the world anxiously waited in fear that the petroleum producers were about to raise oil prices again. But last week at an emergency meeting in Geneva, OPEC struggled to avoid slashing prices once more. Rather than reduce the cost of crude, the ministers adopted a plan to reduce temporarily their production ceiling from 17.5 million bbl. per day to 16 million...
...During a cordial but "extremely frank" meeting, as one participant described it, ministers from Iran, Venezuela and Algeria lambasted their Nigerian colleague for helping to set off the crisis. Citing Nigeria's dire economic woes, Oil Minister Tarn David-West rebuffed pressure to restore his country's petroleum price or to cut its production target "by even one barrel." Said he: "Oil is the life of Nigeria. The Nigerian heart must pump...
...million bbl. More important, Sheik Ahmed Zaki Yamani, the Saudi Oil Minister, promised to trim production even further, if necessary, to hold the line on prices. Other OPEC members, except Nigeria and Iraq, grudgingly accepted reductions of about 9% each. Two non-OPEC oil producers, Egypt and Mexico, whose petroleum ministers attended some of last week's sessions as observers, promised to help the OPEC effort by making small, symbolic cutbacks of their own. Sheik Saad al-Abdullah al-Sabah, Kuwait's Prime Minister, praised the accord as a show of unity. Said he: "I have no doubt...
...last week's hastily arranged gathering as "just a meeting of old friends." But as everyone present knew, the coy assessment by Mani Said al-Oteiba of the United Arab Emirates understated the gravity of the situation. Ministers from six of the 13 members of the Organization of Petroleum Exporting Countries huddled for 1½ days last week at Geneva's Inter-Continental Hotel to devise a scheme to halt the slide in oil prices. The cartel's current crisis began two weeks ago, when OPEC member Nigeria followed price cuts made by nonmembers Norway and Britain...
...deeply indebted oil-producing countries, including Venezuela, Indonesia and Ecuador, a decline in prices would be painful. In Mexico, which depends on petroleum sales for 70% of its exports, a $2-per-bbl. price cut would produce a $ 1.1 billion drop in an annual oil income of $15 billion. Thus Mexican officials accompanied Yamani on his travels last week even though their country is not an OPEC member. Yamani announced that both Mexico and Egypt said they would cut their own output in support of OPEC's plan...