Word: surplus
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Last week's debacle in Geneva will keep downward pressure on world oil markets in spite of the Saudi cut, at least for a while. But the price relief could be surprisingly short-lived. Reduced OPEC production has already begun to work off the global crude surplus. Constantine Fliakos, an oil analyst with the Merrill Lynch investment firm, calculates that world oil production is now falling short of demand by at least 1 million bbl. per day. Autumn, when northern countries prepare for winter, is normally a period of increased energy demand. And, although oil tanks are full, they...
...dollar has become overvalued and will soon begin to slip. Rimmer de Vries, an international monetary expert at the Morgan Guaranty Trust Co., predicts that the current account, which measures the net international flow of goods and services to and from the U.S., will swing from a $10 billion surplus this year to a $5 billion deficit in 1982. That deficit will in turn drive down the value of the dollar, perhaps by as much...
...week the Reagan Administration announced plans to grant Warsaw $55 million in long-term credits to buy and transport 350,000 metric tons of U.S. corn to Poland to help save the country's threatened poultry industry. The Administration also authorized the Catholic Relief Services agency to buy surplus American agricultural products at low prices for shipment to Poland. Reflecting just how critical its food shortage has become, Poland has attracted the concern of CARE, the New York City-based charity that first gained international recognition in 1946 by sending its food packages to World War II victims...
...Wyoming called Teapot Dome. Meanwhile, Charlie Forbes, head of the Veterans' Bureau, was traveling about the country, letting contracts for federal hospitals. He was generous with the taxpayers' money, paying inflated prices to grateful builders and then pocketing the difference. Forbes also liked to sell Government surplus goods cheap and then restock empty warehouses dear. The buyers, the sellers and Forbes all profited handsomely...
...with everything from Toyotas to tummy tubes, Japanese dependence on foreign oil has pushed its balance of trade into the red. Japan must import 99.8% of its oil. Yet despite a $54 billion oil bill, last year's $7 billion current-account deficit could this year be a surplus of as high as $6.5 billion...