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Eastern Europe Trade Middle East

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August 16, 1990 | CHARLES T. POWERS, TIMES STAFF WRITER
Higher oil prices brought on by the Middle East crisis will hit hard in East Europe, where cash-poor countries in the early stages of economic reform are totally dependent on imported oil. The shock of higher oil prices comes on the heels of the Soviet Union's decision to reduce its supplies of oil to East Europe in exchange for consumer goods. The Soviet cutback, averaging about 30%, forced countries in the region to turn to the world market to make up the shortfall.
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NEWS
August 16, 1990 | CHARLES T. POWERS, TIMES STAFF WRITER
Higher oil prices brought on by the Middle East crisis will hit hard in East Europe, where cash-poor countries in the early stages of economic reform are totally dependent on imported oil. The shock of higher oil prices comes on the heels of the Soviet Union's decision to reduce its supplies of oil to East Europe in exchange for consumer goods. The Soviet cutback, averaging about 30%, forced countries in the region to turn to the world market to make up the shortfall.
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