Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
When Petrobrás, Brazil's government-owned oil monopoly, asked foreign oil companies late last year to submit bids for supplying 90,000 bbl. of crude oil a day to a projected new refinery in Rio de Janeiro, there was a string attached. In passing, Petrobrás suggested that the oil companies might like to offer financial aid towards construction of the refinery. Last week word came from Brazil that Petrobrás had accepted a Texas Co. offer to supply 15,000 bbl. of crude a day and to make a fiveyear, 6% loan...
...deal was profitable in both directions. By offering the loan. Texaco built good will for continued sales of refined and crude products, helped build future demand. For Brazil the new plant will boost daily refining capacity to 243,000 bbl., 68,000 bbl. more than current consumption. When the refinery is built, Brazil will be close to balancing consumption and refining capacity for the first time in its history. Petrobrás, however, is not yet out of the woods. Domestic production of crude oil is an embarrassingly low 25,000 bbl. a day-and exploration and development work still...
...Continent were cheered by prospects of warmer weather and an early reopening of the Suez Canal. But as matters stood last week, the oil lift across the Atlantic seemed to be going from bad to worse. In seven days the U.S. averaged shipments of only 454,000 bbl. of petroleum products to Europe, of which barely 183,000 bbl. daily were crude oil, far below the figure of 500,000 bbl. daily the U.S. had promised...
Supply & Demand. Amidst the furor, up stepped Hines Baker, president of Humble Oil Refining Co., biggest U.S. domestic producer (300,000 bbl. daily), to make his case for the industry. Humble had supplied almost 50% of all the oil shipped to Europe in November and December-and it was also Humble that had set the pattern for the recent industrywide price rise by boosting the price it pays well-operators for crude oil. Said President Baker: "Once the Suez was closed, Europe was bound to have a shortage. In a situation like this, no one man, no one company...
...essential economy of the industry makes it difficult for them to increase production. They declare that any production increase would only benefit major producers with big wells hooked into pipelines; small producers would still have to truck their oil to market at the high cost of 35? per bbl. Furthermore, independents fear that if they hike production to ease a short-term crisis in Europe, they will be stuck with a big surplus once the crisis is past. The problem could be solved easily, say the independents, if the big companies would divert their heavy oil imports from Venezuela...