North Carolina Newspapers

SATURDAY. APRIL 17. 1S32-THE CAROLINA TIKEJ-JJ Depressed Oil Prices Force Change In Nigerian Import Policy IAN Nigeria's 0T Bank, faced with tr i deficits of tome million a month, dedici on March 23 to stop issu-; tag letters of credit fOtv tmnorts and to susDend all applications for .new joyed a premium price : . 1: ... t ' Rut Hpcnit a rvr bar May. import licenses Last - week; the restrictions vwere still in effect as oil producing countries and oil companies continued 'their war of nerves over Nigeria's oil prices and production. ' ' . Nigeria's fiscal crisis stems- largely , from the current worldwide surplus of oil.1 which has ' brought prices down and -severely cut the? 'west African nation's export income. Given ' current market conditions, oil in February, slumped to , Even this reduced level, 2b are relatively under 700.000 barrels ' however; with Nigeria vulnerable - to Saudi per day by, the end. of 'allocated 1.3 million bar- pressure, since they have Marchi;Nccording tOjjrels per day Is thought significant stakes in that some reports. . ' . unlikely to be sufficient ' country. But Shelly with Nigeria's; oil js of a to maintaio OPEC prices almost 50 of Nigeria's - not particularly aimed at light grade that nas en-, a! the benchmarch 534 , production, Gulf (almost ; Nigeria. Nigerian oil of- per barrel. .. , Following ' meeting Saudi Oil company represen-v which oassed the Senai tatives say their actions in early March, provides aic aiuipiy a response lO market pressures and arc The; 1982 budget, billion in loans from the world Bankand the In ternational ' Monetary for some $16.1 billion in' -Fund. The country has expenditures, . r $ 1 0.8 also had a good credit billion of that going for rating, and last year rais- capital investment pro- ed some $1.8 billion on as' a $303 "million package ? signed ; - in February between Kwara State and a consortium led by Britain's Morgan Grenfell. But others may be delayed byi the oil rel price cut following the March ;. 19 OPEC , meeting, the $35.50 per barrel Nigeria is asking $1.50 above the stan dard - OPEC-; price for heavier grades- is being undercuts Non-OPEC North Sea producers are charging $31 per barrel for a similar grade of crude. " !- " : i'-J-'i' sThe reasons for the current surplus, and how long it is likely tajast, are matters of intense , ,-the Arabia let it be known that com- ; parties refusing to pur-. , ; chase Nigeria's oil would i be met with reprisals, Of . the companies involved ; in Nigeria, Mobil,: with some i4vo ot prouue-1 20). , Agip (almost ..ficials, however, say cur- jects. Oil revenues at- the commercial market, revenue crisis, 6r hit her 10) and Elf-Aquitaine . rent moves are part of a - count for some 85 of for Eurocredits. eeneral interest rates may be (5) are .likely to be less , concerted action to split government revenues, at seven-eighths per cent demanded by the banks responsive to . .aaudi .. threats., - ..' ;u If the oil firms do not respond, OPEC -toun-; tries ' are considering a new emergency, meeting before their next regular lion, and, Texaco,' with , ly scheduled gathering in OPEC states OPEC, by focusing on; and : President Shehu over LIBOR (the Lon- If budget cut are too ine weakest link. With its Shagari has already an- don Interbank Offered severe, observer expect large population and am-1 nounced that the budget Rate). Earlier tfeis year : both , sterups jn in- ueyeiopment may have to be revised. borrowing was expected ausiriai stnkeatnon and with" many projects to reach some $2 billion increased pressure from delayed. on the Euromarket in opposition poli&al par Nigeria is reported to 1982. Some loans were ties preparing Tor next be seeking as much as $6 clearly going ahead, such year's election. ' bitious plans, Nigeria is far more affected by revenue losses than most other firms have the option of dispute. , Demand - for : niiri-hasinacheaner oil petroleum products in industrialized countries has fallen in recent years faf more rapidly than practically anyone ex- I pected, with energy con from Britain's North Sea. concessions and bther sources. The demand fori Nigeria s crude, conseH auentlv. is falling. By the end of March; f servation measures ana Western oil companies I depressed economies producing in Nigeria had f ach cutting consump ag reed to keep outputf 4ion. At the same time, stable in the month off production by non April. But Nigeria charg-f OPEC countries is ex ed, and .oil industry , panding rapidly. In addi sources privately con tion, charge OPEC spokespersons. . tne on companies ., arc firmed, that some com panies are trying to get out of the long-term agreements that require them to buy a certain quota of Nigerian oil., Apparently, some have deliberately unloading stqckpiles of oil in order to-, further undercut OPEC. Furthermore, African oil producers in begun implementation of , particular accuse OPEC "phase-out"? clauses in leader Saudi Arabia their , contracts, which itself of keeping produc- would allow cancellation tion at too high a level, of the. purchase agree- Nigerian, production, ment after a ninety-day which had recovers! period. ; . from mid-1981 lows to Such phase-out efforts 1.8 million barrels per; might result in a produc tion hike in the first thir ty days after notifica tion, with ; reductions day early this year, fell again in, February to I..V million barrels per day. By early March there over the following, two were rumorsthat Nigeria months. Total Nigerian would be forced to break . production, at some OPEC ranks and 1,300.000 barrels per day drastically cut prices. At hi March 19 meeting, MnPII A OPEC set new produc- niAU MIUIIIIII tion Quotas totallint 11 million barrels per day, and Saudi. Arabia the l at followtejp day announc- )msi earreirer oay.'- And Friends .1,4'.. J r i. .tV. t IS.. . it i V,- V -A..r : " -sw, jVtZS At X r m ? ,n ffeSi.. wot 5 ; Dr. Mable Phiefer, President of the Robert R. Morton Institute, will be the principal speaker , at the Annual Unity Ban quet of the North Carolina and Friends Coalition at the W.G. Pearson Cafeteria on the campus of North Carolina Central Univer sity at 7:00 p.m. on Saturday enening, April 17, 1982. The honorable H, M.. "Mickey" Michaux will serve as Master of Ceremonies for the affair. The alumni and friends in the Raleigh-Durham-Chapel' Hill area will host this fund-raising i effort , Citizens are ; asked to t, call for . tickets from The Direc-" tor of Aliumni Affairs at either North Carolina Central, Winston-Salem State, Fayetteville State, North Carolina A&T, State or Elizabeth City State University Tickets may also be secured from G.L. Laws at (919) 834-8142 or (919) 772-3384. The NCAFC was organized in December 1973 in Greensboro by a concerned group of alumni and friends of the state's .five traditionally black universities. The group; has addressed itself to the far-reaching objectives of raising the quality fo education and assuring higher educa tional opportunities for all who seek them. According-to G. L. Laws, Executive Director, a number of other educa tional and political leaders - will participate int he program. Special music will be provided ; by the NCCUrToUring , Choir. ' arriving from Miami was a culmination of a nearly four month ; .effort by the Haitian Assistance; Program to help resettle llajn - gffrvtrtllM 'mtHMisir (m$ ( siImnI 4V n yto -'inr . - , lhwrrrrm I Ol l tt S; )IU1,; HiHliiiii irfiiiii-ek'tfiom lt) Itttnu Ml'illlviir. JuvoU'Ui-twuiri' iunl KimnUl ( kn i'ttti'i llu- Iriiiiiosil Sears Uan Pricing Policy.. If an Kern is not de scribed as reduced or. a special purchase. it b at to regular price. 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