Word: bbl
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Dates: during 1970-1979
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...question is: What will Allon propose now? Officials in Jerusalem hint that Israel might return the oilfields if it received a guaranteed substitute source (possibly the U.S.) for the 25 million bbl. Abu Rudeis now pumps out annually. Israel might also give up the passes, according to these officials, if: 1) the area were demilitarized, 2) the term of the disengagement ran for several years, 3) Israeli cargoes (though not necessarily Israeli ships) had rights of passage through the Suez Canal, and 4) Egypt tacitly agreed to some kind of assurance of nonbelligerence. Egypt may find some of these points...
...crisis promises to shake the world for at least another five years or longer. It will take that long for importing countries to develop alternative energy sources and more petroleum in nations outside OPEC. Oil will be flowing in from Alaska by 1978, but the total?600,000 bbl. a day at first, 2 million bbl. a day by 1981?will not free the U.S. from the need for foreign supplies. Britain and Norway are each expected to be pumping 2 million bbl. a day from deep below the North Sea by the early 1980s. But the rest of Europe...
Moreover, if Faisal and his allies hold prices up, the rest of the world could encounter such compounded problems that 1974 would be remembered as an easy year. With oil at $10 a bbl., OPEC would charge the world an other $600 billion in the next five years. To pay the bill, the 137 nations outside the cartel would have to deliver one-quarter of their total exports to OPEC's elite 13 countries. It would be impossible for the oil importers to transfer so much of their production?or for OPEC nations to absorb it all. The most frightening...
...very best, however, the State Department reckons that OPEC would not break up for another two to four years?and probably not even then. It has not been at all damaged by a world oil surplus of one to two million bbl. a day, which has shown up because high prices reduced consumption last year. In the non-Communist world, consumption fell from 48 million bbl. a day in 1973 to 46.5 million bbl. last year; in the U.S., it declined from 17 million bbl. to 16.2 million bbl. Partly hi response, OPEC is now producing at 20% below capacity...
...treble auto ownership (to 9 million cars) by 1980. Soon the Soviets will have to restrict oil sales and greatly increase the preferential prices that they charge to their Comecon partners. Last year Poland reportedly had to buy a large amount of Libyan crude, at $16 to $20 per bbl. Strapped for hard currency to pay for oil from non-Communist sources, East Germany had to restrict the expansion of its plastics and textiles industries...