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Article: OCEAN OF CHEAP OIL DILUTES OPEC POWER SAUDIS ACT TO FORGE CONSUMER LINK.(Main)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- December 26, 1988
CopyrightCOPYRIGHT 1988 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donald Woutat Los Angeles Times
When the oil minister of Saudi Arabia sat down with the chairman of Texaco at a London hotel last month, they did some business that could ripple far beyond the bounds of their $2 billion refinery deal.
Buying into Texaco oil refineries in Louisiana, Texas and Delaware, as well as 11,500 service stations emblazoned with the familiar Texaco star, the Saudis were dealing another blow to the Organization of Petroleum Exporting Countries.
The world's biggest oil exporter was dramatically advancing a commercial strategy that some believe will drive a permanent wedge between the haves and have-nots in OPEC's ...