Time Clock, Aug. 22, 1960

RED OIL OFFENSIVE is being fought by Western companies. In Middle East Export Ltd., affiliate of Standard Oil (New Jersey), cut crude-oil prices between 4¢ and 14¢ per bbl. In India three companies—Caltex, Burmah-Shell and Standard Vacuum—cut crude prices 27¢ per bbl., persuaded Indian government to turn down a Red offer for cheap crude. But in Pakistan, Reds won a round by getting government to allow Soviet to prospect for oil.

BALANCE OF PAYMENTS deficit continues to shrink, thanks to U.S. exports, which are running more than $3 billion ahead of imports this year. Pay ments deficit for first half is running...

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