Word: bbl
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Dates: during 1980-1989
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...potentially more serious inflation threat is a rebound in the cost of oil. Since the members of the Organization of Petroleum Exporting Countries agreed in early August on a new pact to reduce production, oil prices have jumped from $11.55 per bbl. to more than $14. But the OPEC agreement expires on Oct. 31, and it is not at all certain to be renewed...
...attack rattled international oil markets and maritime insurers. Although the Sirri terminal returned to partial operation a day later, the strike stirred fears that Iran's 1.6 million-bbl.-a-day oil production, most of which passes through the facility, might be in jeopardy. In New York City some oil prices jumped by 6.67%. In London, insurers at Lloyd's, through which many tankers have coverage, doubled rates for ships traveling to the island...
Within three days, the cartel endorsed the plan. It requires the Saudis to slash production from a July average of 5.8 million bbl. a day to 4.35 million. Kuwait and the United Arab Emirates are also called upon to make hefty cuts, reducing their combined output by roughly 40%, to some 1.85 million bbl...
Equally important, the Saudi strategy forced the other OPEC members to think seriously about quotas or face the prospect of almost bottomless oil prices. Before last week's agreement, some experts were predicting a price of $6 per bbl. by the end of the year. Says Sanford Margoshes, who follows the industry for Shearson Lehman Brothers: "Producers have suffered exquisite pain, and pain makes one wise." Arnold Safer, an energy consultant based in Bethesda, Md., believes "it was a do-or-die situation in Geneva...
...many other analysts doubt that OPEC's plan will work. Even if members abide by the agreement, they are fighting a formidable oil glut. Some 200 million unsold barrels of oil linger on the market today, and the inventory has been building at the rate of 2 million bbl. a day. Despite the cutbacks, some experts argue, there would still be a surplus that would depress prices...