Word: petroleum
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Dates: during 1980-1989
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...threshold for the first time in 17 months. Last week the futures price of West Texas Intermediate, the benchmark U.S. crude, reached $20.15 a bbl., up some 50% since last October. The rally largely reflects an unexpectedly successful campaign by members of the Organization of Petroleum Exporting Countries, along with several non-OPEC countries, to curb their output and reduce the world's oversupply. Since early January, OPEC production has fallen about 3.5 million bbl. a day, to some 19 million...
...unneeded and bloated projects--usually called "white elephants"--the quick reduction of capital flowing to these nations, and most of all a crash in the prices of products the countries export. For example, the 1985 crash in tin prices helped crush Bolivia's economy, and the fall in petroleum prices restricted the flow of money into Mexico and Venezuela...
Perez, who has long inveighed against his continent's onerous financial burden, had finally found austerity unavoidable. Venezuela owes foreign creditors, largely U.S. commercial banks, about $33 billion. In the 1970s, when the country was awash with petroleum revenues, the government that Perez headed spent lavishly on social-welfare projects and industrial schemes. But as oil prices took a dive in the 1980s, so did the economy, which earned 90% of export revenues from petroleum. Hard-pressed for cash, Venezuela last Dec. 31 suspended payments for 90 days on the bulk of its foreign obligations...
...business there, invested in banking, insurance and industry, and served as a sometime government adviser. In 1969, a year after the Baath Party came to power, Barbouti fled the country, fearing that he might be arrested as a spy because he had built a headquarters for a foreign-owned petroleum group. For nearly a decade he moved around the Middle East and Europe, finally settling in London with his wife and three children. Along the way, he picked up a multimillion-dollar fee as a broker in a Saudi crude-oil deal. That was just the beginning of his good...
...million bbl. per day more than the quota. As a result, OPEC's relative restraint is sparking a rally in the oil markets. The price of West Texas intermediate, a benchmark crude, reached $19.26 per bbl. last week, vs. less than $13 last October. Not since November 1987 has petroleum been so expensive...