Word: bbl
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Dates: during 1970-1979
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...further 5% next July 1. But the Saudis, backed by the United Arab Emirates, announced that they would post only a 5% increase for the whole year. Moreover, Saudi Oil Minister Ahmed Zaki Yamani declared that Saudi Arabia would lift its self-imposed production limit of 8.5 million bbl. a day and pump out as much oil as the world market would take (the country can now produce 11.8 million bbl. daily). That was a clear attempt to undermine the higher prices decreed by its OPEC partners, and the cocky Sheik Yamani told Western newsmen, "I don't believe...
That it is. Beginning Jan. 1, OPEC oil will be available at two prices: $12.08 a bbl. for Saudi or Emirate crude, $12.70 a bbl. for petroleum from the other OPEC countries. The immediate result will probably be chaos in the world oil trade as the big oil companies and consuming nations jockey to buy at the lowest price. But the Saudi action will at least hold the average world oil price below levels that could have precipitated a new global recession...
...years. Finally, it is abundant, though diffuse and difficult to collect. The amount of solar energy reaching the earth averages 126 watts per sq. ft. Even in a northerly location such as Madison, Wis., the amount of solar energy striking an acre of ground is equivalent to 10 bbl. of oil per day, while that hitting a roof is in most cases more than enough to meet the energy needs of the building below...
...foreign experts who convened at the University of Colorado's recent energy conference in Boulder, fully expect that the current price of $11.51 per bbl. (for low-sulfur crude at the Persian Gulf) will rise anywhere from 10% to 20%. As OPEC members see it, the industrialized nations can well afford the tab. The world recession seems to have largely lifted, and crude oil sales are rising as a result. Tanker charters have emerged from the doldrums, as top customers have scrambled to stock up on crude before the price rises again, often paying a 25? or 30? premium...
There are many counterbalancing forces. One is the stance of Saudi Arabia, which has by far the world's largest known oil reserves. Though they could produce 11.8 million bbl. of crude a day, the Saudis are limiting daily output to 8.5 million bbl. This hold-down allows other OPEC members to produce at capacity without causing so great a glut :? as to push prices down. As a result, cartel members must give great weight to Saudi views, and the Saudis have consistently talked moderation. At the cartel's last meeting in Bali in May, their A refusal...