Word: bbl
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Dates: during 1970-1979
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...U.A.E. limited their increase to 5% for the full year. Thus, for the first time since OPEC began quintupling petroleum prices in late 1973, the oil cartel split into opposing camps. In order to hold down prices, the Saudis, who are OPEC'S largest producer (8.5 million bbl. per day) and the possessor of the world's largest proven reserves (151.8 billion bbl.), threatened to increase production in order to lure customers away from their higher-priced rivals. So far, there are these signs that the Saudi strategy is working...
...once a little-noticed breed of ship, now constitute more than half of the world's merchant-ship tonnage. In U.S. ports, tanker traffic has increased proportionately as the nation has turned heavily to imports to meet its growing thirst for fuel. In 1966 the U.S. imported 940 million bbl. of oil and petroleum products. Now nearly three times as much is arriving in U.S. ports?about 300 million...
...reason is that BP has huge interests in the world's two most exciting sources of new crude, Alaska and the North Sea. The BP-Sohio partnership has leased the largest chunk (its proven reserves: 5.1 billion bbl.) of Prudhoe Bay fields on Alaska's North Slope. According to an agreement between the two companies, as the flow of Alaskan oil increases so will BP's share in Sohio, rising from 26% now to 51%, probably some time next year. In the North Sea, BP's wells are expected to produce more than 650,000 bbl. a day by 1980?...
...clear that the pricing rupture probably does not signal the end of OPEC. Yamani denied rumors that Saudi Arabia would quit the cartel, which would surely have meant its ruin. He also played down earlier threats that Saudi Arabia, already by far OPEC's biggest producer (8.4 million bbl. per day), would substantially expand output in order to undermine the higher prices of the opposing eleven. The radical Libyans, who are among the Saudis' bitterest rivals, were relieved. "At least, I expect they will not harm us," said Libyan Oil Minister Ezzedin Mabrouk...
...companies will be under pressure to hold prices to present levels for consumers. The West German government, for example, has forbidden oil companies to raise prices on stored petroleum. Meanwhile, world demand for OPEC oil will plunge so sharply-as much as 3 million to 4 million bbl. per day, guesses J. Wallace Hopkins, deputy executive director of the Paris-based International Energy Agency-as to make it difficult for the eleven to impose their new higher prices...