Word: bbl
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Dates: during 1980-1989
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Western energy experts estimated that the latest increases would boost the average cost of OPEC oil nearly a dollar, to just under $32 per bbl. That is nearly double the $18.72-per-bbl. price of last June. Officials of oil importing nations immediately denounced the price rise as extortionate, but one U.S. official conceded that it would add only a penny to the price of a gallon of heating oil or gasoline. Still, the increase could raise the world's oil bill by $40 billion this year...
Nevertheless, last week's decision immediately set off some price shifts. While high-price countries like Libya and Algeria did not push theirs higher, Kuwait, Iraq, Qatar and Venezuela announced that they would begin demanding as much as $2 per bbl. more for oil on July 1. Those four countries have been recently charging a basic price of about $30 per bbl. for crude. Saudi Arabia refused to increase its rates for now, but Yamani hinted that he might raise them by $1 per bbl. to $4 per bbl. in order to unify OPEC prices. Some oil experts expect...
...policy. Prior to the Iranian revolution, Saudi Arabia virtually dictated crude prices because it had surplus production and could threaten to drive the cost of crude down if the other countries did not follow its lead. Now the Saudis are pumping oil at the rate of 9.5 million bbl. per day, which is 1 million more than before the fall of the Shah of Iran and near to their current capacity. They have thus lost their leverage over other cartel members. The Saudis could not convince the other OPEC members that they should agree on a lower ceiling price...
...Soviet Union, like the U.S., faces serious energy problems in the 1980s. The U.S.S.R. is by far the world's largest oil producer (11.9 million bbl. per day, vs. 9.5 million bbl. for Saudi Arabia). Nonetheless, in the view of many Western energy analysts, the Soviet Union will soon run into a petroleum bind even though the country is an Eden of energy riches...
...more than a century, and the U.S. has been forced to rely on imports for half its oil because it has simply outgrown its readily available reserves. The Soviets, on the other hand, still have enormous amounts of oil in the ground, with estimated proven reserves of 67 billion bbl. of oil, compared with 26 billion for the U.S. and 166 billion for Saudi Arabia. But even though Moscow planners are not hindered by environmental protest groups or disagreements between government and industry, they have greater trouble finding the oil, getting it out of the ground and, finally, transporting...