Word: petroleum
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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...
...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...
...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...