Word: westernisms
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...recent windfall has, for example, given Iran - OPEC's second-biggest oil producer - a cushion to neutralize the impact of Western sanctions over its nuclear program, and to ameliorate the effect of a struggling economy. But because Iran imports crucial refined diesel to keep its cars and factories running, it needs to sell its crude oil for $60 a barrel or more, according to oil analysts. So, President Mahmoud Ahmadinejad has plenty of incentive to push his OPEC colleagues to vote for production cuts: If falling prices force his government to cut its heavy gasoline subsidies, he won't help...
...Algerian Oil Minister Chakib Kjelil, to propose that the group cut up to 2 million barrels from its daily 32-million barrel output, hoping to push the price back up to about $90 a barrel. The effect would be to raise prices in the U.S. and Europe, just when Western leaders are scrambling to soften the landing of their slowing economies. OPEC's proposal, fumed British Prime Minister Gordon Brown last Friday, "is absolutely scandalous...
...needs of gas-guzzling Western nations, however, are exactly the opposite. Ironically, though, a falling world oil price negates the goal stated by Barack Obama and John McCain to cut America's dependence on foreign oil, especially from the volatile Middle East. That's because although it only accounts for about one-fifth of U.S. imports, oil from Saudi Arabia, Kuwait and other Middle Eastern countries is much cheaper to produce than the more politically popular alternative of oil drilled in Canada or the United States...
...Even more than the lower prices, OPEC leaders have been jolted by the lightning speed with which they have tumbled. But their influence over prices is more limited than many in Western countries believe, or OPEC members would like: OPEC members, in fact, produces only one-third of the world's oil; the rest comes from Canada, Russia, Mexico, and several smaller countries. The cartel sets production quotas for each member, but those are routinely violated by bigger players, like Saudi Arabia, whose well usually have spare capacity. "We saw that when prices went up to $145 a barrel OPEC...
...interconnected that trouble in one place, especially somewhere as economically powerful as the U.S., can and does easily spread elsewhere. For a while, Turks - like Chinese, Brazilians, Indians, Hungarians and others - thought their buoyant domestic growth could insulate them from a downturn in the U.S. and Western Europe. Now they're discovering that it can't. "A lot of us gave credence to 'decoupling,' " says Ümit Boyner, who together with her husband runs a big Turkish retail empire. "Looking ahead, we're wondering if we've even seen the worst...