Word: petroleum
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This has become abundantly clear since last March when Saudi Arabia, the group's biggest producer at 7.5 million bbl. per day of output, forced through what amounted to a 9.6% production cut. Its purpose: to take up slack in the market and prevent petroleum prices from slipping below the cartel's official $34-per-bbl. bench-mark level. Once they had agreed to the cuts, Iran, Libya, Venezuela and several other cash-squeezed member states began pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result...
Twice in the past ten years the Organization of Petroleum Exporting Countries has sent the price of crude oil spurting, bringing riches to the 13-nation oil cartel and economic agony to just about everyone else. But now the combined effects of conservation and worldwide recession have left oil prices skidding, created a global supply glut where once there was scarcity, and shaken the foundations of the formidable cartel...
...Americans and the Soviets met in Moscow's new International Trade Center, financed primarily by U.S. banks and built with American materials. One buffet luncheon was organized by Armand Hammer, 84, the chairman of Occidental Petroleum, who knew Lenin and who has been doing business with the Soviets for six decades. Wine and Georgian champagne flowed. Guests dined on mounds of black caviar, crab claws and smoked fish...
...only 35% of sales. The crown jewel was last year's acquisition of Beijerinvest, a large energy trading company, for $305 million. With the acquisition came 31 oil-drilling sites in the North Sea. In August, Volvo expanded its oil holdings by buying 50% of Hamilton Brothers Petroleum Corp., a private U.S. firm that also explores for offshore crude. Despite weakening oil prices, Volvo's overall holdings have prospered because the company has hedged its bets in other businesses, like food products. Its sales last year of $8.6 billion made it Sweden's largest industrial company...
Warren County, the poorest section of North Carolina, is a predominantly Black agricultural community. In the mid-1970s, petroleum containing poly-chlorinated bifals (PCBs) was spilled around the state, and the federal government decided to dispose of the waste in Warren County, panelists said...