Word: bbl
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Dates: during 1980-1989
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...prospect of coal shortages and power cuts this winter. The threat angered the government. "I find it difficult to understand, and I think many members of NACODS will find it difficult to understand, why the strike has been called," complained Thatcher. The NACODS action, together with the $1.35-per-bbl. drop in North Sea oil prices, caused near panic in British financial markets; the pound sank to $1.18, its lowest point in history against the dollar, and the London stock market recorded its sharpest one-day fall ever...
...faltering and raised the specter that the U.S. might be headed for a new recession. But at the same time, interest rates dipped, lifting hopes that the recovery will gain new pep. On top of that, Britain cut the price of its North Sea oil by $1.35 per bbl. to $28.65, and Nigeria followed with a $2 reduction to $28. The breaks in oil prices and interest rates sparked an explosive rally on Wall Street...
...Jordan to the port of Aqaba, and another that would join with Saudi Arabia's petroline and carry Iraqi oil to the Red Sea port of Yanbu. Iraqi officials talk of finishing one or both projects within 18 months. Together with the existing line that carries 1 million bbl. a day of Iraqi crude through Turkey, these pipelines would give Iraq an export capacity of 2.5 million bbl. a day, twice its present OPEC quota...
...Jordan and Egypt. The Saudis are cooperating with Iraq in the pipeline project as well as helping fund the Iraqi war effort. Jordan helps Iraq buy arms throughout the world, and then allows the weapons to be shipped through Jordan to Iraq. It also permits an estimated 90,000 bbl. of Iraqi oil a day to pass through Jordan by truck. Egypt annually sells Iraq $800 million worth of locally manufactured arms and ammunition, while acting as a middleman in securing planes, tanks and other weapons from third countries. It has also contributed 30,000 volunteers to the Iraqi armed...
...Despite the economic boom in the U.S., West European countries have been slow to recover from the worldwide recession. Total oil purchases by Western industrial countries have increased by less than 4% since last year. Meanwhile, OPEC's total output has gushed up about 30%, from 14 million bbl. a day in mid-1983 to some 18.5 million currently...