Word: bbl
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Dates: during 1960-1969
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With the oil industry in the midst of a major world oil glut, the new Mideast posted price cuts will probably not be the last. Actually, they are only about half the 30?-per-bbl. discount that Western oil companies have been offering some customers. Since oil royalties to Arab nations are paid on the posted price, companies that discount have been paying the usual royalties but receiving less for the oil they sell...
TURKISH OIL FIND near Adana by Socony Mobil yielded biggest flow (240 bbl. a day), best quality oil yet found in Turkey. The gusher rouses hopes that oilmen have struck edge of vast reservoir whose oil might end a major import drain on Turkish economy...
This hard way of getting out oil has now become a hot way. In the past ten years secondary-recovery operations have increased sixfold, though they still account for only 5% of Texas' 80 million bbl. monthly output...
Unlike coal-mine fires, an underground oil blaze does not seep through to the surface, can be extinguished by cutting off the air supply. In a field near Palestine, Texas, when waterflooding failed, fire was used. Production in one well alone jumped from i to 50 bbl...
Obliging Greeks. To supply the 20 million bbl. of oil that Cuba burns each year, between 15 and 25 tankers will have to travel constantly between the Black Sea and Cuba. A group of "golden Greek" tanker operators, led by the wealthy Stavros Niarchos, has signed an agreement to charter between 80 and 120 tankers to the Soviet Union. Niarchos piously denies that any of the ships will be used to carry oil to Cuba-but, of course, the deal frees Russian tankers to do the job. Even so, Castro could be heading for trouble. On one of his recent...