Word: bbl
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Dates: during 1970-1979
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...attending the 25th anniversary celebration of the start of the Algerian war of independence from France. The Iranians had long since resumed U.S. oil shipments, which had been disrupted by strikes and fighting earlier in the year. The National Iranian Oil Co. (NIOC) is now selling about 700,000 bbl. a day to the U.S. (compared with 900,000 bbl. a day when the Shah ruled Iran), or about 3.7% of American petroleum needs. The U.S. had resumed the sale of spare military parts as requested by the Tehran government. Last week the Administration quietly halted those shipments...
...ayatullahs, said so, and was forced out last September. For good measure, the government issued a summons for Nazih's arrest, but he managed to escape to West Germany. Partly as a result of such political interference and mishandling, Iran's oil production gyrates between 2.3 million bbl. and 3.3 million bbl...
This is the Piceance Basin, the heart of a geological formation containing the world's biggest known deposit of oil shale. Locked in the mottled rock is the energy equivalent of about 1.2 trillion bbl. of oil, or roughly 40 times the nation's present proven reserves of liquid petroleum...
...years shale oil remained undeveloped because conventional petroleum always hovered about $2 below the projected price of shale. Capital development costs have inflated almost as fast as OPEC prices. In the 1960s, when crude was selling for $2 a bbl., estimates were that oil from rock could be produced for $4 a bbl. Now, with world prices going up almost daily beyond the $23.50 OPEC level, shale oil may be produced for $30. But spurred by the ever higher price of crude, a group of energy entrepreneurs aim toward turning out more than 200,000 bbl. of shale...
...rise to worries of new production cuts by one of OPEC's most important oil suppliers, and the cartel itself now seems certain to announce new price increases at its December meeting in Venezuela. The Saudis, who have held their price at the cartel minimum of $18 per bbl., may raise it closer to the levels of other producers: $23.50 or more. At the same time, several OPEC producers have announced plans to curtail production next year, while Iran, Dubai and other producers are continuing to divert oil to the spot market, where it can fetch at least...