Word: bbl
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Dates: during 1960-1969
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Command Decision. Some such showdown has been in the making ever since Castro signed an agreement with the visiting Soviet trader, Anastas Mikoyan, last February to sell Russia 5,000,000 tons of sugar and buy 10 million bbl. of Russian oil (half a normal year's needs) in return. Castro's government asked the refineries to process the Russian crude. They consulted and refused. For a time, the Cubans did not press further. But three weeks ago, a Cuban economic mission traveled to Moscow and signed an agreement to buy additional Soviet oil at a price that...
...Texas, which now plans its first major sale of offshore leases since 1953, the decision will mean millions of dollars annually. For Louisiana, it means the possible loss of more than $300 million in past bonuses and royalties from the disputed lands, which last year yielded 29 million bbl. of oil and 174 billion cu. ft. of natural gas. The money is now held in escrow, and Louisiana will seek redress from Congress. It has a few arguing points: if its boundaries extend three miles from the coast, no one has decided where the jagged coastline begins...
...IMPORT QUOTAS were cut by Interior Department from present 1,600,566 bbl. a day to 1,377,674, beginning July 1. Imports of oil used mainly for ship and factory fuel were reduced by nearly 50% for Eastern U.S. after pressure by coal...
...method that has prevented any real oil glut in the U.S.), thus in effect helping to keep up prices. The foreign oil-producing nations frown on price cuts, which nip at oil profits. Venezuela recently stopped three U.S. independents from selling Lake Maracaibo crude at $1.50 to $2 per bbl. when the posted price...
...concessions over the country's 680,000 sq. mi. To date, 61 wells have been drilled, and 13 were producers. The two discovery wells -Zeltan One and Zeltan Two-brought in by Esso Standard (Libya) Inc. in the oil-rich Sirte district are gushing 32,500 bbl. a day between them. The company is planning construction of a 30-in. pipeline to the Mediterranean's Gulf of Sirte with an initial daily capacity of 100,000 bbl., hopes to have oil flowing through by the fall of 1961. Libyan crude is similar in quality to Mideast...