| 1 | In 1971, the oil-producing countries of the Arab world tried to shift the balance of power between themselves and Western oil companies and consumers. | |
| 2 | The head of Saudi Arabia's state oil giant said that Japan would be able to meet its energy needs through a combination of domestic industry and regional producers. | |
| 3 | But government spending also has soared within OPEC and among other big producers such as Russia, based in part on the expectation that oil prices would remain high. | |
| 4 | Saudi Arabia and other Gulf producers can afford to be relatively relaxed. They have low production costs and can balance their budgets with oil at well below $60. | |
| 5 | If the unrest spreads to key producers like Iran or Saudi Arabia, it would be hard to overstate the strain that would put on world oil supplies and the economies of the oil-importing countries. |
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