Word: bbl
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Dates: during 1980-1989
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...premier power in world oil markets. Said Algeria's Energy Minister, Belkacem Nabi: "We all recognize that this is a very important meeting, unique in the history of OPEC." A global oil glut has driven the spot price for Saudi Light crude to about $28 per bbl. That is well under OPEC's official benchmark price of $34 per bbl. but not low enough to suit refiners, who in the U.S., for example, are able to sell what they can make from a barrel for only $26 to $27. As delegates from the 13 member nations harangued, haggled...
Even as the negotiations dragged on, the downward squeeze on oil prices grew increasingly intense. The Soviet Union lowered the price of its crude exports to Western European customers by $1.25 per bbl., to $28, the second cut in six weeks. British Petroleum, one of the companies that pump Britain's oil, added to the pressure on OPEC by arguing that North Sea crude should be priced at least 750 per bbl. lower than Nigeria's high-quality Bonny Light. North Sea oil now sells for $30.50, higher than the Nigerian price of $30 that was set last...
...that the OPEC benchmark stay at $34. Privately, they are selling all the oil they can at cut rates to raise cash for their war with another OPEC member, Iraq. Oil industry sources in Western Europe say that Iran has been selling oil for as little as $20 per bbl. The Iranians apparently hope that the official price will stay at $34 so they can keep undercutting...
...Mexicans apparently will go along. In Paris last week, Mexican officials huddled with OPEC representatives from Venezuela, Algeria and Kuwait. According to OPEC sources, the Mexicans indicated that they would follow the organization's lead on pricing and hold their production to 1.5 million bbl. a day, no higher than the average level of last year...
Consumer groups also oppose the bill, even though the Administration contends that it would lower prices. Energy Secretary Donald Hodel estimates that residential gas rates could drop as much as 5% in the first year under the mea sure, cheaper) that oil costs about $31 per bbl. (and more if crude is cheaper). But the Citizen/Labor Energy Coalition, the main consumer antideregulation lobby, argues Says prices would go up, not down, by perhaps 67% within four years. Says Edwin Rothschild, assistant director, referring to an Administration argument: "They that that as much gas will be falling in price as will...