OIL: Cash Flood in the Middle East

A RECURRING hint of humor cut through conversation at last week's International Monetary Fund meeting in Washington. The waggish word was that the organization's annual meeting ten years from now will be run not by the suave, dark-suited Americans and Europeans who have always dominated the IMF but by white-robed sheiks from the Middle East. Western moneymen chuckled nervously, for they know too well that the energy shortage is critical and that the oceans of oil buried beneath the Arabian peninsula and North Africa are far larger than any yet found elsewhere. The staggering deals that Middle Eastern leaders...

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