Word: bbl
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Dates: during 1970-1979
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...large part from a schism among the 13 members of the Organization of Petroleum Exporting Countries. At their December meeting in Qatar, the cartel broke into two warring camps (TIME, Dec. 27). Eleven members, led by Iran and Iraq, raised their prices by 10%, to an average $12.70 per bbl. (v. $2.30 per bbl. in pre-embargo 1973); they also agreed to hike prices a further 5% on July 1. But the Saudis and their allies, the United Arab Emirates, arguing that higher fuel costs would hamper the recovery of the industrialized world, raised their prices by only 5%. Today...
...remain a couple of percentage points below the posted 10%. Now, as warm weather reduces heating-oil demand, the world oil market has softened somewhat, making price more important than ever. As a result, Saudi and Emirate sales have been soaring; Saudi output, averaging 10 million bbl. per day, has increased more than 15% since last year. A fire at an Aramco facility has temporarily crimped Saudi performance. Still, the big losers in the price competition have so far been Iran, whose production last month fell 16%. to 5.41 billion bbl., and Iraq, whose output is nearly one-third below...
...voice this week. In a 291-page report to be released at simultaneous press conferences in eleven countries, a group of 35 experts concludes that by the year 2000 oil production in the non-Communist world could fall short of meeting demand by 15 million to 20 million bbl. per day -about as much as the U.S. uses now. Moreover, the shortfall is likely to occur even if coal production doubles, the output of nuclear-generated power multiplies 15 times, conservation measures cut the increase in petroleum demand to half its historic growth rate, and the "real" price...
...found, depends heavily on the production policies of Saudi Arabia, which has the world's largest known oil reserves. If the Saudis decide that oil in the ground is more valuable than oil sold on the market, and cap production at the present level of around 9 million bbl. per day, the shortage shows up as early as 1981. If the Saudis more than double output, to 20 million bbl. per day, the shortage is delayed -but only for eight years, to 1989. Even if there is no production limit at all, shortages show up in the late 1990s...
...report is open to objection. Its demand estimates assume a free world economic growth averaging 4.4% a year, which some experts consider high. It also assumes that no more than 20 billion bbl. per year-the equivalent of two Alaska North Slopes-can be added to the world's proven oil reserves. Some other studies have suggested that the amount of oil waiting to be found is much higher. Wilson says that the report was intended less as prophecy than as a call to action. It advocates unprecedented international cooperation in devising new technologies, sharing existing resources and enforcing...