July 1, 1988 |
A buildup in crude oil inventories that is pushing the price of petroleum lower took its toll on oil company stocks Thursday, pushing them lower after industry analysts told their clients to sell. "There's a continuing buildup of inventories and the unraveling of the OPEC consensus," said oil analyst Albert Anton of Carl H. Pforzheimer & Co. Traders said three oil analysts made bearish comments about the group Thursday, sending oil issues lower.
November 26, 1989 |
Ministers of the Organization of Petroleum Exporting Countries on Saturday made what delegates said was agonizingly slow progress toward reconciling rival ambitions to sell more oil within a new system of output quotas. The 13 oil ministers held a brief formal opening session and then adjourned with differences unresolved. The ministers resumed bilateral talks at their hotel.
June 16, 1997 |
The last two former Bank of Credit & Commerce International executives held in prison in the United Arab Emirates have been released but must remain in the country, judicial sources said. They said Hassan Mahmoud Kazmi and Abdul-Hafeez Mohammed Ahmed were released from their Abu Dhabi jail on Wednesday after they completed six-year sentences. The two cannot leave the country pending appeals to the supreme court, the sources said.
September 27, 1989 |
OPEC oil ministers Tuesday extended their talks to a fifth day after Iran put up surprise proposals to end a deadlock on assigning production quotas among its members. Delegates of Iran told lobby reporters that higher world petroleum prices was one goal. The 13 ministers of the Organization of Petroleum Exporting Countries have been stymied for four days trying to agree on output quotas to remove excess supply from the world market.
December 31, 1990 |
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.
July 24, 1990 |
Iraq wants no further increases in OPEC oil output or any increases in members' production quotas until prices climb to $25 per barrel, the Middle East Economic Survey said Monday. The authoritative newsletter said the idea was likely to meet considerable resistance among key producers when they meet in Geneva Thursday. But it said there was a consensus within OPEC to restore oil prices to more than $18 per barrel. World prices are now just below OPEC's $18 benchmark.
September 27, 1989 |
OPEC ministers ended five days of talks today with a new output agreement, but the pact appeared flawed and did not look as if it would do much to push up prices. Algeria dissented and called it illegal. Kuwait voiced reservations, as it did with a previous agreement made in June and which it has openly flouted.
June 8, 1991 |
United Artists Entertainment Co. agreed Friday to a sweetened merger offer from Tele-Communications Inc. of Denver. The revised deal calls for 65 million shares of United Artists' Class A and Class B common stock to be converted into Tele-Communications Class A stock at a ratio of one share to 1.02 shares. Tele-Communications' previous proposal, announced May 1, had offered 0.95 share for each outstanding share.
March 8, 1990 |
Iraqi Oil Minister Issam Abdul-Rahim Chalabi said today that OPEC's production-sharing pact would stay unchanged for at least three months. His remarks, before a meeting of the group's 13 oil ministers in Vienna on March 16, appeared to dash hopes by the United Arab Emirates for a higher official output quota. The UAE is now producing double its OPEC quota of nearly 1.1 million barrels a day but faces political pressure to comply with the agreement.