Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...result was a windfall for customers, for a change, rather than for the Organization of Petroleum Exporting Countries. Crude prices plummeted from $26 per bbl. in January to below $10 in April and remained under $15 for most of the year. The low prices distressed the Saudi royal family and provoked anger from other OPEC countries, prompting the Saudis in October to oust Yamani as Oil Minister after he had spent two decades as a leading OPEC strategist. With that, the Saudis abandoned their price-war tactics. When OPEC met in December, twelve of its 13 members, with Iraq dissenting...
...caribou, the preserve is one of the nation's last pristine animal ranges. The opposition: developers who seek the vast energy riches believed to lie beneath the refuge's 1.5 million-acre coastal plain. These reserves may hold as much as 5 billion to 30 billion bbl. of oil and 64.5 trillion cu. ft. of natural...
Ever since, Iraq has been waging a slow-paced defensive struggle, relying on its air force to strike at Iranian targets. In the process, Iranian oil production has been reduced over the past year from 1.6 million bbl. a day to less than l million bbl., the minimum thought necessary to sustain Tehran's war effort. President Saddam Hussein, who invaded Iran in September 1980 out of fear that Khomeini's fundamentalist Shi'ite revolution would spread to Iraq, where the Shi'as constitute more than half the population, has little choice but to fight on as best...
...apparently run afoul of the ruling House of Saud on several counts. By electing to pump Saudi oil as fast as he could at a time when there was already a plentiful world supply, Yamani sparked a price war that caused OPEC prices to plunge from some $30 per bbl. last December to less than $10 this spring. Yamani's goal was to flood the world with cheap oil and thereby drive high-cost producers in the U.S., Britain and elsewhere out of business. OPEC would then be free to raise prices once again...
Experts say Yamani clung to his strategy despite growing opposition from King Fahd, who has called for a price of at least $18 per bbl. to boost Saudi oil earnings. Yamani countered that producers could control either prices or output, but not both at once. During OPEC's 17-day meeting in Geneva last month, Fahd repeatedly intervened from Riyadh on several key issues. The Geneva session wound up endorsing price-raising production limits, which Yamani initially opposed, through...