Five months almost to the day after the Arabs unsheathed their oil weapon they decided to put it back in the scabbard—at least for a while. As expected, oil ministers of nine Arab nations* conferring in Tripoli reached a basic agreement last week to lift the ban on oil sales to the U.S., though not the similar prohibitions on exports to The Netherlands, Portugal, Rhodesia and South Africa. But they left the world waiting to hear just when and for how long they would permit oil to flow to the U.S. again; according to...
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