Word: bbl
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Dates: during 1980-1989
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...that the petroleum producers were about to raise oil prices again. But last week at an emergency meeting in Geneva, OPEC struggled to avoid slashing prices once more. Rather than reduce the cost of crude, the ministers adopted a plan to reduce temporarily their production ceiling from 17.5 million bbl. per day to 16 million bbl...
...latest OPEC crisis was set off three weeks ago, when Norway discounted its oil price by $1.50 per bbl., to $28.50, because it could not sell all it wanted to at the higher level. Britain quickly followed, and then Nigeria, an OPEC member, broke ranks with the cartel and lowered its price. OPEC members, fearful of a round of reductions, scrambled to halt the slide...
Saudi Arabia, OPEC's biggest producer, took the brunt of the group's 1.5 million bbl.-per-day cutback. The Saudis agreed to reduce their output limit by 647,000 bbl. a day, to 4.4 million bbl. More important, Sheik Ahmed Zaki Yamani, the Saudi Oil Minister, promised to trim production even further, if necessary, to hold the line on prices. Other OPEC members, except Nigeria and Iraq, grudgingly accepted reductions of about 9% each. Two non-OPEC oil producers, Egypt and Mexico, whose petroleum ministers attended some of last week's sessions as observers, promised...
...ministers hope to avoid repeating their desperate move of March 1983, when they were forced to make the first and only price cut in OPEC'S history, a markdown of its benchmark Arab Light crude by $5 per bbl., to $29. Since then, energy conservation and sluggish world economic growth have helped push oil prices even lower, despite OPEC's self-imposed production limit of 17.5 million bbl. a day. Ministers hinted last week that they might reduce their output to about 16 million bbl. a day. By comparison, the group's daily production...
...deeply indebted oil-producing countries, including Venezuela, Indonesia and Ecuador, a decline in prices would be painful. In Mexico, which depends on petroleum sales for 70% of its exports, a $2-per-bbl. price cut would produce a $ 1.1 billion drop in an annual oil income of $15 billion. Thus Mexican officials accompanied Yamani on his travels last week even though their country is not an OPEC member. Yamani announced that both Mexico and Egypt said they would cut their own output in support of OPEC's plan...