Word: bbl
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Dates: during 1980-1989
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...made it economical for utility companies to convert to coal-fired and nuclear-powered plants and for other businesses to install new energy-efficient equipment. Some homeowners even began heating their houses and pools with solar panels. Result: the U.S. reduced its reliance on oil imports from 8.6 million bbl. per day in 1977 to 4.3 million bbl. last year. Even better, much of that supply came from such newly expanded sources as Mexico and Britain rather than the volatile Persian Gulf countries...
...Saudi Arabia got fed up with its OPEC partners. For years the kingdom, which holds about one-fourth of the world's oil reserves, tried almost single-handed to prop up prices by curbing its production. The country wound up slashing its output from a peak of 10.3 million bbl. a day in 1981 to ! a low of 2 million bbl. a day last June. During that time its annual oil revenue fell from $113 billion to $28 billion. Many of the other twelve countries in OPEC, meanwhile, conducted a thriving business by secretly cheating on the group's voluntary...
...them?" Finally in September, the Saudis quietly decided to throw their production into high gear and reclaim the country's lost market share. The giant petroport at Ras Tanura and the offshore loading terminal at Ju'aymah sprang to life, their 56-in. pipes spewing more than 4 million bbl...
Even though the Saudis stayed inside their OPEC quota of 4.3 million bbl. a day, they could not help creating a huge surplus that angered many of their colleagues in OPEC, notably, the Libyans, Algerians and Iranians. Yamani, defending his country's action, has blamed non-OPEC producer Britain for contributing to the glut and has called on London to cut output. Britain stoutly refuses...
Another strategic question is how the Soviet Union will respond to the loss of revenue from its oil exports to Europe and Japan. Sales of about 1.3 million bbl. a day last year provided the Kremlin with about 60% of the currency it spent on Western grain and technology. The Soviets could retaliate by trying to increase their influence over troubled oil producers like Libya. Soviet spokesmen now routinely characterize the oil-price decline as a conspiracy by "Western monopolists...