Word: surplus
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...already pinching off 3.9 million bbl. per day in exports from Iran and Iraq, and the continuing resulting shortfall will completely exhaust the surplus in about three months. To help ease the squeeze, Saudi Arabia last week temporarily boosted its own production by 900,000 bbl. daily, to 10.4 million. Hardline OPEC members like Algeria and Libya, however, have threatened to cut back their own output in order to keep the market tight...
...Vries' latest predictions on the problems caused by OPEC surpluses are being studied closely by bankers and political leaders, since he has long been optimistic about the ability of the world financial system to handle the recycling of petrodollars. During the 1974 oil crisis, most experts forecast that OPEC coffers would be bulging with about $1.5 trillion by 1979 and that loans to LDCs would be insufficient to cover their deficits. De Vries, however, was among a minority of economists who correctly argued that OPEC would rapidly increase its imports and who predicted that international banks could handle...
...team that gives Sue St. Louis a surplus of scoring chances will pay for it sooner or later, and at 19:10, she took a pass from Elliott and blasted the ball past Duffy to tie the score...
...powerful nation-and a rising economic force on the world scene. With daily shipments to the U.S. of nearly 1 million bbl. of low-sulfur "sweet" crude oil, Nigeria ranks as the U.S. 's second largest supplier of foreign petroleum (after Saudi Arabia). Nigeria's staggering trade surplus with the U.S. this year is expected to top $11 billion-possibly more than that of any other nation. This week Nigerian President Alhaji Shehu Shagari will arrive in the U.S. to address the United Nations and pay a three-day official visit to Washington. In a wide-ranging...
...relative steadiness in financial markets was based on a widespread belief that the fighting in the Persian Gulf would be of limited duration and would not seriously interrupt or reduce the petroleum flow. The world currently has a comfortable 2 million to 3 million bbl. per day oil-production surplus, and in the short run, other OPEC nations could make up the loss of crude exported by Iran and Iraq...