Word: petroleum
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...make up about 8 million of the state's estimated 20 million population. For two years, the agitators succeeded in virtually paralyzing all official and economic activity in Assam. They forced closure of Assam's oilfields, which supply one-third of India's petroleum needs. The action cost the government nearly $1.5 billion in additional oil imports in 1979 and 1980, and eventually forced it to send in army troops to take over the oilfields. When national elections were held in 1980, the students prevented balloting in twelve of the state's 14 constituencies. The following...
From Europe to the Middle East, harried members of the Organization of Petroleum Exporting Countries huddled through the week. The structure of bloated oil prices that OPEC had erected over the past decade, condemning rich and poor nations alike to recurrent bouts of inflation and stagnation, was shaking wildly. Prices had broken and were threatening to go into a free fall...
Both businesses and consumers will benefit from the oversupply of oil and the first big break in energy prices in the past decade. Efforts by the Organization of Petroleum Exporting Countries to prop up the cost of crude by curbing production have collapsed, at least temporarily. As a result, said Rimmer de Vries, chief international economist for Morgan Guaranty Trust, the official price of OPEC oil may fall from $34 per bbl. to $28, which would shave a percentage point off the U.S. inflation rate. James McKie, an economics professor at the University of Texas, maintained that unless OPEC regroups...
...provoked the fighting in September 1980 to regain what he claimed was lost territory, Saddam Hussein now wants out of the war on almost any terms that could be described as honorable. Iran so far has rejected all offers. Even before the present worldwide oil glut, Iraq's petroleum production was down from a peak of about 4 million bbl. per day to about 1 million bbl. per day. Iraqi oil facilities in the south are in ruins, and the country's economy is being sustained by a monthly subsidy of $1 billion provided by Saudi Arabia...
...spot markets for oil, where tanker-size shipments are traded on a day-to-day basis, normally bustle with buying and selling. Last week, however, they seemed almost paralyzed by uncertainty. Only a fortnight ago, the Organization of Petroleum Exporting Countries had failed to reach agreement on a plan to prop up oil prices by curbing production. That dramatic breakdown induced a kind of suspended animation. The cost of crude seemed sure to fall, but no one could be certain how far or how fast. While a few oil producers made their opening moves last week, others held back...