Word: petroleum
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...dangerous collapse of Nigeria's petroleum prosperity
...price hawks in the 13-nation Organization of Petroleum Exporting Countries, Nigeria for years kept the oil-consuming nations of the world over a barrel by forcing world oil prices relentlessly higher. Now that demand for petroleum is slumping on markets everywhere, however, the price of crude has dropped from $40 per bbl. to $28 per bbl. on the unregulated spot market. As a result, the economic outlook for the 90 million inhabitants of Nigeria, black Africa's wealthiest and most populous nation, has suddenly turned bleak...
...Saudis, though, seem determined to make the production cut work. Petroleum Minister Sheik Ahmed Zaki Yamani threatened that the desert kingdom would further reduce output in the months ahead if necessary to keep the market tight. He also issued thinly veiled warnings to other OPEC producers not to cheat on the Vienna agreement because doing so would avail them nothing...
...factor determining the future course of oil prices will be the state of Western economies. Demand for oil is naturally less when business is slow and factories are idle. The deep U.S. recession and conservation efforts have driven American demand for petroleum products down by 6% in the past twelve months alone, to 15.9 million...
Many economists expect the U.S. economy to begin growing, albeit slowly, later this spring or summer. Business in Europe and Asia will probably pick up shortly thereafter. Industry experts predict that world petroleum stockpiles, which now bulge with 105 days of supply, will dwindle to a more normal 90 days by year's end, once demand for crude increases. If so, OPEC may again find itself dealing in oil markets from a position of strength. Today's declining prices for gasoline and heating oil would then become just a fond, fading memory...