Word: bbl
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Dates: during 1970-1979
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...other oil-producing countries whether they would be able to increase their petroleum output in case Iran's production dwindled even further than it had already. At week's end a strike by oil workers had cut the country's normal daily production of 6 million bbl. to about half that total. Then, at the suggestion of National Security Adviser Zbigniew Brzezinski, the President invited George Ball, an Under Secretary of State in both the Kennedy and Johnson administrations, to join the National Security Council temporarily as a special consultant. His job: to prepare a long-range...
...America. Last week, in a move that seems to signal a new economic pragmatism by Peking's post-Mao leaders, Coastal States Gas Corp. became the first U.S. company ever to buy oil from the People's Republic. The Texas firm signed a deal to bring 3.6 million bbl. of crude into California, beginning early next year...
...deal is very small by oil standards: 3.6 million bbl. will barely supply a fifth of one day's consumption in the U.S. Still, Peking's willingness to make a pact with Coastal States provides fresh hopes for other American oil companies that would like China's reserves...
Some studies suggest that China may have as much as 70 billion bbl., roughly half that of Saudi Arabia. At least 50% of this is thought to lie deep offshore, where the Chinese lack the technology to explore and drill. Peking has already swapped some oil for Japanese imports. Now it desperately needs new oil production to supply its own increasing needs and to pay for its booming imports and ambitious development plans...
...which is located below tight, nonporous rock formations, will be difficult to bring to the surface, requiring 16,000 wells to be drilled over a period of perhaps 13 years. While the Mexicans do not belong to OPEC, they are able to exact a high price ($13.10 per bbl.) for the oil that they sell, most of which goes to the U.S.; naturally they plan to step up production sharply. In fact they now hope to triple their oil exports to 1 million bbl. a day by 1980. Though that is only about one-seventh of what the Saudis ship...