Word: weeks
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Dates: during 1970-1979
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Late in the week Iran further complicated the situation by declaring that American companies would no longer be permitted even to buy Iranian crude, let alone deliver it to the U.S. The petroleum will be sold instead to any non-U.S. oil companies that want it, leaving the U.S. firms to scrounge on world markets for whatever available non-Iranian cargoes turn...
...fact, an interagency White House task force last week reported that there is a "substantial risk" of a drop in OPEC output of as much as 3 million bbl., an amount just about equal to total current Iranian production. The drop would be caused by expected cutbacks early next year by Saudi Arabia, Kuwait, Iraq, Nigeria and Libya. Thus oil prices stand to rise considerably even if Iran does not reduce its current production...
...weight to the growing OPEC feeling that it is smarter to cut production and leave the oil in the ground where it is safe than to turn it into dollars or other paper assets that can be seized. Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent an estimated $150 billion cascading into OPEC's coffers. The resulting deficits of the oil-dependent nations have soared, forcing countries to borrow heavily just to pay for their oil imports...
...West Germany's Thyssen to build a $750 million, 200,000 bbl.-a-day oil refinery at Isfahan for the National Iranian Oil Co. The refinery has been a high-priority item for the Iranian government, which fears shortages of kerosene and diesel fuel during the winter. Last week, when the refinery was a month away from partial operation, Fluor called home its 52 remaining American employees, leaving Thyssen to finish the job. The few U.S. businessmen who remain in Iran represent a couple of banks and a computer company, and they are lying...
...privately that, in the longer term, the turmoil in Iran has potentially worrisome consequences for the U.S.S.R. Islamic fundamentalism is anathema to Communism, and the Ayatullah is religiously akin to the Muslims of Soviet Central Asia just across the border. On the other hand, the National Security Council last week pondered the possibility that anarchy in Iran could lead to a radical leftist takeover. No doubt the same possibility has occurred to Iran watchers in Moscow. That helps explain the ambiguity of Soviet behavior so far: provocative Farsi-language broadcasts from a Soviet radio station in Baku, combined with begrudging...