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BUSINESS
December 31, 1990 | From Reuters
Oil revenues of the Persian Gulf Arab states other than Kuwait and Iraq jumped by more than 50% during 1990 due to higher crude prices precipitated by the Gulf crisis, it was reported Sunday. Gulf International Bank economist Henry Azzam said the combined oil income of Saudi Arabia, the United Arab Emirates, Qatar, Oman and Bahrain rose 55% to $70.5 billion from $41.9 billion in 1989.
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BUSINESS
October 14, 2001 | JAMES FLANIGAN
Although nobody is talking about U.S. oil interests in the war on terrorism, beneath the surface serious questions are bubbling about long-term supplies of petroleum and the shape of governments in the oil-rich Middle East. Once the war is over--"once Afghanistan is stabilized," in one oilman's words--a new order may emerge. The oil-bearing countries' relationship with the United States and other regions will change. There will be a power shift among oil producers.
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BUSINESS
February 5, 1992 | From Reuters
OPEC monthly oil output hit an 11-year high in January despite pledges of cutbacks, a Reuters survey of industry executives and analysts showed Tuesday. Production was estimated at 24.2 million barrels per day, about 70,000 barrels per day higher than December, despite the voluntary cutbacks of about 410,000 barrels per day announced by nine OPEC members in the latter half of the month.
BUSINESS
December 20, 1998 | JAMES FLANIGAN
If the latest round of missile attacks doesn't unseat Saddam Hussein and install a better government in Iraq, U.S. influence in the Middle East will be diminished, not enhanced, when the smoke clears. This attack, in which U.S. and British missiles and warplanes are hitting strategic targets in Iraq, will be the last. There will be no international support for future attacks.
NEWS
July 21, 1992 | THOMAS W. LIPPMAN, THE WASHINGTON POST
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.
BUSINESS
February 17, 1993 | From Associated Press
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.
NEWS
August 4, 1990 | JONATHAN PETERSON, TIMES STAFF WRITER
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.
NEWS
August 31, 1990 | GEORGE SKELTON, TIMES STAFF WRITER
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.
NEWS
March 18, 1990 | From Times staff and Wire reports
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.
BUSINESS
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.
BUSINESS
March 24, 1998 | CHRIS KRAUL and JAMES F. SMITH, TIMES STAFF WRITERS
The role of Venezuela and Mexico in driving Monday's surge in oil prices demonstrates the shifting power balance on the world petroleum scene as producers outside the Middle East, especially Venezuela, gain greater clout, analyst said.
BUSINESS
February 17, 1993 | From Associated Press
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.
NEWS
July 21, 1992 | THOMAS W. LIPPMAN, THE WASHINGTON POST
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.
BUSINESS
February 15, 1992 | From Associated Press
OPEC got close to a deal Friday that would cut oil output for the spring, but Saudi Arabia backed out late in the afternoon, according to sources at the cartel's contentious meeting. The sources, who spoke on condition they not be named, said Saudi Oil Minister Hisham Nazir told other members of the Organization of Petroleum Exporting Countries that Saudi Arabia had a series of proposals for slashing oil output.
BUSINESS
February 5, 1992 | From Reuters
OPEC monthly oil output hit an 11-year high in January despite pledges of cutbacks, a Reuters survey of industry executives and analysts showed Tuesday. Production was estimated at 24.2 million barrels per day, about 70,000 barrels per day higher than December, despite the voluntary cutbacks of about 410,000 barrels per day announced by nine OPEC members in the latter half of the month.
BUSINESS
January 8, 1992 | From Times Wire Services
Oil prices fell sharply Tuesday in a selloff sparked by a rumor that President Bush wants to lift the embargo on Iraqi crude sales. Light, sweet crude oil for delivery in February settled at $18.69 a barrel, down 52 cents, at the New York Mercantile Exchange. Although many traders never believed the Bush rumor, once the selling started it picked up momentum and also pushed down futures prices for refined petroleum products. "The snowball effect occurred," said Thomas P.
BUSINESS
February 3, 1991 | JAMES FLANIGAN
Oil, the fuel that made the American economy powerful in this century, got a mention in the State of the Union message as President Bush promised to introduce a "comprehensive national energy strategy" to reduce U.S. dependence on petroleum imports, through "conservation, efficiency and increased development and use of alternative fuels."
BUSINESS
January 12, 1991 | From Times Wire Services
U.S. demand for oil dropped for the first time in seven years in 1990, depressed by higher prices after Iraq's invasion of Kuwait, the slowing economy and warm weather, the American Petroleum Institute reported Friday. Meanwhile, the International Energy Agency unveiled an emergency supply plan Friday in Paris aimed at cushioning its members from oil shortages in the event of war. Under the plan--which would be set into motion as soon as fighting broke out in the Persian Gulf--an additional 2.
BUSINESS
September 28, 1991 | Reuters
The impending return of Iraq and Kuwait to world oil markets has strained relations among OPEC members, prompting Saudi Arabia, the world's biggest oil exporter, to threaten to leave the oil cartel. Iraqi and Kuwaiti exports were halted at the beginning of the Gulf crisis in August, 1990, but under a U.N. plan Iraq could sell as much as 500,000 barrels a day. Saudi Arabia--OPEC's biggest producer--declared this week that the kingdom would produce 8.
NEWS
May 28, 1991 | THOMAS W. LIPPMAN, THE WASHINGTON POST
The Iranian government declared its return to the world economic community Monday, publicly acknowledging its need for foreign investment and declaring its intention to cooperate with Saudi Arabia to seek stable oil prices. More than 300 delegates to the Conference on Oil and Gas in the 1990s: Prospects for Cooperation--the first international conference held in Iran since the Islamic revolution of 1979--heard a strong message from President Hashemi Rafsanjani and his senior Cabinet officials.
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