Middle East: Oil Squeeze

Haggling is a way of life in the Middle East, but the oil-rich nations there have made it a disciplined science. Historically factious, they have united in a new and powerful outfit that is out to break once and for all the tradi tional fifty-fifty split of oil profits between governments and companies. The Organization of Petroleum Exporting Countries, as the group calls itself, last month demanded a 58% share of the profits for their governments in negotiations with the eight major oil companies operating in the Middle East. Since the new split would cost oil companies $270 million...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!