Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...nation sits upon a "lake of oil," boasted Saddam Hussein al Takriti last week-referring to Iraq's estimated proven reserves of more than 32 billion bbl. Largely because of that petrol power, Iraq is emerging as a political force in the Middle East after years of xenophobic isolationism. The country's increasing importance was underscored by a visit to Baghdad last month by Jordan's King Hussein for discussions on a comprehensive Middle East peace settlement. Other recent callers have included French Premier Raymond Barre, British Foreign Secretary Lord Carrington and his West German counterpart, Hans...
...overall cost of their crude, and other producers seem likely to follow suit. What really alarmed oil consumers was that the Libyan and Iranian rise, like that announced by Mexico a week before but unlike those announced by Iraq or earlier by Kuwait broke through the $23.50 per bbl. price the cartel set in June as a "ceiling" for at least six months...
This early piercing of the OPEC lid came despite an attempt by Saudi Arabia the largest oil producer, to keep the lid on' Last July, Saudi officials announced that they would raise their daily oil production during the remainder of 1979 from 8 5 million to 9.5 million bbl. Not so long ago, such an increase would have prevented unilateral price hikes. No longer. The rules of the oil game have changed...
There may be no outright fuel shortages this winter. Since April the Administration has been pressing petroleum companies to build up stocks, and now they have stored 217 million bbl., vs. 207 million bbl. at this time last year. As a result, Energy Secretary Charles Duncan last week said that the Government will stop its three-month-old program of paying $5-per-bbl. subsidies for imports of foreign heating oil refined in the Caribbean. This was an ill-conceived scheme that enraged Europeans, who charged that Washington was forcing up the price of heating fuel worldwide...
That becomes more urgent with every boost in OPEC prices, and the increases now occur with taunting frequency. Since last December the cartel has increased prices by 61%. Now Nigeria, Algeria and Libya appear to be preparing to raise their price of oil by as much as $5 per bbl. If they do, the $23.50 "ceiling" that OPEC set only last June will be shattered, and the cost of all petroleum products, including heating oil, will move up yet another notch...