Word: bbl
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Dates: during 1970-1979
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...they claimed, Tehran threatened to suspend negotiations on Japan's 1980 allotment of Iranian oil, which this year amounted to 11 % of Japanese consumption. Moreover, the officials said, buying the oil helped make up for the cut in oil shipments by U.S. firms to Japan, from 1.4 million bbl. a day in 1978 to about 1 million bbl. because of reduced production by OPEC members and the shippers' decision to fill domestic American orders first. Still, some skeptical U.S. officials noted that Japan's storage tanks are brimming with a 100-day supply of oil-Tokyo...
...meeting of the International Energy Agency. A U.S. official charged that Tokyo has allowed Japanese banks to "go overboard" in helping Iran circumvent the financial problems caused by the assets freeze. In addition, he said, some Japanese trading companies have rushed "with unseemly haste" to buy 21 million bbl. of Iranian oil that had been destined for the U.S. before Carter halted oil imports from Iran last month. The Japanese firms paid exorbitant sums for the oil, up to $45 per bbl., about twice the average OPEC price. Complained another Administration official: "They never quibbled about price, and when Iran...
...college got back $20,000 of its storm-window expenditure last year, and that at 1979 oil prices it should have saved the rest by midwinter. Not all of his conservation problems are so easy to solve. A handsome arts complex, designed when oil cost less than $2 per bbl., turns out to be a stubborn and profligate fuel waster. When its radiant heating system is turned down to a reasonable consumption level, the building's pipes are in danger of freezing...
...bbl. Saudi shocker, and it could not have come at a more anxious moment. Four days before the 13 member nations of the Organization of Petroleum Exporting Countries were to sit down in Caracas for their fourth price-raising session in a year, the cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases...
...crude, a tactic that Petroleum Minister Ahmed Zaki Yamani successfully employed as recently as late 1976. The key reason is that the Saudi fields are reaching maturity, and it would take years of work and billions of dollars in fresh investments to boost daily production of about 9.5 million bbl. by very much for any length of time...