Word: bbl
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Dates: during 1980-1989
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...pacts, the truce came after days of heated negotiations. And like other OPEC pacts, it may prove ephemeral. Iranian Oil Minister Gholamreza Aqazadeh broke a deadlock when he tentatively gave in to Iraqi Minister Isam Raheem al-Chalabi's demand for a quota equal to Iran's 2.6 million bbl. a day. To accommodate the 1 million bbl. increase in Iraq's quota, other OPEC members gave up a bit of their own allowances...
Iran's acquiescence may enable the group, which has suffered from sagging prices, to cut output to 18.5 million bbl, a day from its current runaway level of about 22 million bbl. Members hope the reduction will boost oil prices from about $12 per bbl. to the $15 range. Past agreements, however, have been stymied by members cheating on their quotas...
...also believed the project would benefit society in another way. Every kilowatt generated from the river's waters means less burning of fossil fuels, and less atmospheric pollution, less increase in the greenhouse effect. Operating Brockway Mills will save 4,000 bbl. of oil each year. And Buckley readily admits that he hoped to make a profit from his work -- a concept known as doing well while doing good...
...most investors realize that U.S. oil properties will be quite dear someday, since the country's 25.3 billion bbl. in estimated reserves are less than one-sixth of Saudi Arabia's. Last week twelve companies demonstrated their faith in the value of the finite resource by bidding a combined $7.3 billion for the oil and natural-gas assets of Houston-based Tenneco, which is selling those properties to concentrate on its gas-pipeline and construction- equipment businesses. Chevron agreed to pay $2.6 billion for the firm's stakes in the Gulf of Mexico, while T. Boone Pickens' firm, Mesa Limited...
...these are decidedly long-term investments. For the moment, oil prices seem capable of deep downward swings. Indonesia's Subroto, the OPEC secretary- general, has warned that prices could fall as low as $5 per bbl. if Saudi Arabia and the other overproducers were to keep flooding the market. If such predictions fail to spur the group toward cooperation over the next few weeks, OPEC may be setting the stage for the oil-price collapse...