July 21, 1992 |
The United States and Saudi Arabia, who have long rejected the widespread belief that they work together to influence the world oil market, have in fact cooperated extensively on oil issues for many years, State Department documents and government legal papers confirm.
February 17, 1993 |
OPEC formally agreed late Tuesday to curtail its oil pumping in the spring, finally clinching a deal held up by Kuwait's insistence on special treatment. The oil market, however, was skeptical that the agreed production cuts would ever be implemented. The dozen ministers of the Organization of Petroleum Exporting Countries met for about eight hours before resolving their differences over a plan for which the cartel's president spent weeks soliciting support.
August 4, 1990 |
Iraq's seizure of Kuwait's oil facilities has revived an economic specter that vanished with the gas lines of the 1970s: stagflation, a U.S. economy squeezed between rising consumer prices and sinking business activity. As was the case with the 1973-74 Middle East oil crisis, oil prices now threaten to push up inflation at a time of growing unemployment and economic sluggishness.
August 31, 1990 |
While Americans strongly back President Bush's decision to send U.S. troops to the Persian Gulf, they are deeply divided over what ultimately must happen for the United States to claim victory there, The Los Angeles Times Poll has found. Thus, ordinary citizens, to a large degree, are reflecting the division of Bush's own top advisers as the President grapples with the delicate task of setting specific goals for the United States' massive military buildup in the gulf region.
March 18, 1990 |
Ministers of the Organization of Petroleum Exporting Countries, wrapping up a two-day conference in Vienna, won a commitment from two maverick members to cut back on the excessive oil production that has helped trigger a slide in world prices. All 13 OPEC members pledged to honor a November agreement that set a production ceiling of 22.86 million barrels a day and assigned quotas to individual members.
February 2, 1991
Beginning Feb. 18, Life Magazine will publish special issues on a weekly basis to cover the Persian Gulf War. The editions will be published in news magazine size for sale only on newsstands. Life will continue to publish in full size as a monthly. Mexico racked up a $2.9-billion oil export windfall in the first 11 months of 1990, primarily due to higher oil prices following Iraq's Aug. 2 invasion of Kuwait.