Word: toed
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Dates: during 1970-1979
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On the third day, the whole conference moved into Yamani's hotel suite for a marathon twelve-hour session. While the Saudi minister padded back and forth serving English tea, and his guests munched on Algerian dates, an idea was floated to lift Arabian light oil to $26 as...
The discussion hopelessly stalled over pricing differentials, which are the variances in costs that are supposed to reflect the relative values of crudes according to their sulfur content and distances from major markets. Algeria, Iran, Libya, Ecuador, Gabon and others rejected a proposal to reduce the differentials, which help them...
Midway through the fourth day, the ministers called it quits. An exhausted Yamani pledged to hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There...
With OPEC in disarray and vulnerable, bold action by oil-importing nations to cut their dependence on foreign petroleum cannot be easily countered by cartel members. Operating through OPEC, their monopolistic, price-propping has placed an enormous and continuing burden on oil consumers everywhere. Economist Otto Eckstein, president of Data...
Besides stricter conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports...