Word: bbl
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Dates: during 1980-1989
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With a worldwide oil glut estimated to exceed 5 billion bbl. of crude, OPEC is making its first attempt ever to firm up prices by reducing production. But the 13 members voted to curtail output by only 9.6%, or some 700,000 bbl...
...deal, OPEC's total daily output is expected to drop from the early March level of 18.2 million bbl. to 17.5 million bbl. Some 500,000 bbl. of the cut will be sustained by Saudi Arabia, the cartel's largest single producer, with the remaining 200,000 bbl. being spread among other members. The group agreed to review its pricing and production arrangements in several weeks, when the organization's members gather for a previously scheduled spring conference in Quito, Ecuador. Said OPEC President Mani Said al-Oteiba of the United Arab Emirates: "If need...
First to broach the surcharge idea was David Stockman, Director of the Office of Management and Budget, who last December proposed a $2-per-bbl. import surcharge. Though the President rejected the idea, such a tax would add about 5? per gal. to the retail price of gasoline, which has fallen by as much as 200 in some places anyway...
...only is Stockman's import-surcharge idea being dusted off, but Administration officials are beginning to think seriously of a substantially larger surcharge of anywhere from $5 to $10 per bbl. Such a levy would raise from $18 billon to $36 billion annually, offsetting nearly 38% of the Administration's projected $96.4 billion budget deficit for next year. By cutting taxes for hard-pressed U.S. taxpayers, the President has created a budget dilemma that he can now help solve in effect by taxing foreign-oil suppliers instead...
...slow and steady economic development, the country plunged headlong into accelerated industrialization. For a while, the campaign produced impressive results, creating nearly 1 million new jobs per year and propelling Mexico to the rank of the world's fourth largest oil producer, with an output of 2.7 million bbl...