Word: bbl
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Dates: during 1980-1989
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...basis. The cost of crude in these sales has often been the most sensitive barometer for world oil prices. During 1979 and 1980 leaping spot market prices encouraged oil exporters to begin raising their long-term contract prices to levels that eventually reached $40 per bbl. With demand now ebbing, more and more companies have been dumping their excess crude and petroleum products on the spot market. By last week spot prices had slipped to a low of $30.75. A market expert with one of the top multinational oil companies points out that even the Soviets, who have long been...
...sagging spot market has also begun forcing the producers to cut their long-term prices. During the past year the average price charged by the 13 members of the Organization of Petroleum Exporting Countries has dropped 2.9%, to $33.80 per bbl. Last week the state-owned British National Oil Corp. (BNOC) startled the petroleum industry by knocking $1.50 off its quoted price. Britain is not a member of OPEC, but BNOC competes directly with the state-owned oil companies of Libya, Algeria and Nigeria. Oil traders now expect those nations also to shave prices...
Meanwhile, Iran, which is having trouble selling enough of its 600,000 bbl. in daily exports to pay for its war of attrition with Iraq, last week announced plans to cut $1 off its quoted price of approximately $33.20 per bbl., thereby threatening to spread price cutting to the Persian Gulf. OPEC's president, Sheik Mani Said al-Oteiba of the United Arab Emirates, last week indicated that further price reductions might force the organization to institute some cuts in output in order to firm up prices. But OPEC has never in its history been able to agree upon...
...cutting back on its aid to all of Southeast Asia. The Soviets were forced to reduce their 1981 grain shipments to Kampuchea by almost half, from a promised 100,000 tons to only 55,000. The price Viet Nam pays br Soviet petroleum rose from $4 to $16 per bbl. in 1981. This year, oil-import subsidies for Laos have been ended...
...more per month than its oil revenues provide just to supply the basic needs of its restive population. Since November the regime has had to divert $1.5 billion in development and welfare funds to help finance the prolonged war with Iraq. Oil exports have leveled off at 900,000 bbl. per day, providing $966 million a month in revenues, compared with $1.74 billion in 1978. In a nation of 39.8 million, 4 million are now jobless, and as many as 2 million are homeless because of the war. Some observers believe that much of private industry will come...