Word: bbl
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Dates: during 1970-1979
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...members of the Organization of Petroleum Exporting Countries into production cuts that some of them, at least, will eventually find intolerable. Needing greater revenues, these oil countries would buck the cartel, increase output-and lower prices. The U.S., said Kissinger, intends to reduce oil imports from about 7 million bbl.- per day now to 6 million bbl. by the end of 1975-and to only 1 million bbl...
...belt tightening can be useless if it is not exercised internationally. Kissinger proposed that "by the end of 1975 the industrialized countries reduce their consumption of oil by 3 million bbl. a day over what it would be otherwise." Over the next ten years, he suggested, the industrialized consumers should reduce energy imports from the present one-third of their total energy use to only one-fifth...
Sheik Ahmed Zaki Yamani, Saudi Arabia's urbane Petroleum Minister, often professes a desire for the price of oil to come down. Last week he said that his government had indeed decided to lower the price by 40? per bbl., in a move designed to "take from the oil companies and give to the consumer." However enticing that Robin Hoodish remark might seem to suffering consumers, the consequences promise to be different from what they would expect. The cost of oil to the major companies -and to their customers-stands to rise about 50? per bbl...
...Mobil, Exxon and Standard Oil of California. Sixty percent belongs to the Saudi government. The Aramco companies must ante up taxes and royalties on their share, calculated on the basis of a theoretical "posted price." It is this posted price that the Saudis reduced-from $11.65 to $11.25 per bbl. for its Arabian light crude. But at the same time, they sharply raised the taxes and royalties...
Lost Profit. The reason is that unless Aramco raises its prices to those customers, it could lose all the profit that Aramco companies now collect on Arabian light crude. Exxon, one of Aramco's owners, estimates its own profit at 34? per bbl. But if Aramco has to pay 94.8% of the posted price as well as the higher taxes and royalties, its costs per barrel could jump as high as 55?, to about $10.35. At a meeting of security analysts in Manhattan last week, Exxon Chairman J. Kenneth Jamieson said he was "somewhat mystified" by the impact...