OIL: New Reserves of Green

After several months of careful explorations, six of the world's leading oil-exporting countries finally struck money last week in Geneva. They reached agreement with 16 of the largest oil companies to collect about 8.5% in additional taxes and royalties on petroleum, thus making up for their loss of international buying power after the dollar was devalued. The deal covers only Persian Gulf exporters, but similar terms will probably be agreed upon for other members of the Organization of Petroleum Exporting Countries. Together, the eleven OPEC members produce 90% of the world's exported oil.

The agreement will add $700 million to...

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!