Word: saudi
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Dates: during 1990-1999
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...TIME review of Commerce Department documents shows that Washington has approved a dozen shipments of stun guns and shock batons over the past decade to Saudi Arabia despite that country's long history of brutalizing prisoners. American firms must obtain a Commerce Department license to export shock weapons to most countries, and officials say the applications are closely screened to block the items from falling into the hands of human-rights abusers. Yet Air Taser has been negotiating to supply thousands of electric-shock riot shields for crowd control to police in Turkey, where torture is "widespread," according to State...
...world's oil exporters were suddenly looking at a loss of revenues that could have exceeded $100 billion. That's enough petrodollars to get otherwise reluctant countries to negotiate, including OPEC members Saudi Arabia and Venezuela, and non-OPEC Mexico. Their plan: cut back production to firm prices. And OPEC's tried-and-true remedy may work again. News of a pending deal pulled prices up to almost $17 a barrel last week. The market response indicates confidence that the exporters will make their cuts stick. And if they don't, prices will fall again...
...this is a deal no one wanted to make. Saudi Arabia, the world's largest producer, didn't care to cut production in support of prices only to end up merely making room for others to capture its business. Venezuela, on a high-octane drive to double production within a decade, was not about to cut back unless non-OPEC countries shared the pain.That insistence reflects reality: OPEC accounts for only 55% of total world crude-oil exports. In fact, the second largest exporter is nonmember Norway...
...which he had been dipping, could be used for the Republican Guards. French and Russian companies are betting that pumping oil now will give them a permanent foothold in Iraq's rich oil fields when sanctions are finally lifted. France is still smarting at being shut out of the Saudi and Kuwaiti markets after the Gulf War, and both France and Russia would like nothing better than to keep the U.S. out of Iraq's oil fields for good...
OPEC, the international oil-producing cartel, is fighting for its life amid tumbling oil prices and members' cheating on their quotas. That, says TIME business writer Bernard Baumohl, is the reason Saudi Arabia yesterday secured an agreement from Venezuela and Mexico cut oil output -- a deal quickly emulated by Kuwait, Iran and the United Arab Emirates...