Word: bbl
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Dates: during 1980-1989
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...pipeline was threatened. This year Atlantic Richfield's Arco unit is relying on the convoy to deliver machinery needed to begin drilling on the Kuparuk oilfield, 40 miles west of Prudhoe Bay. If it does not arrive safely, the lower 48 states will lose | the 80,000 bbl. of oil per day that the field I should yield from early...
Only a year ago, the Carter Administration and Congress were putting the final touches to an ambitious $88 billion program for the development of synthetic fuels. Carter's grand design would have produced the equivalent of 2 million bbl. of oil per day, an amount equal to almost 40% of current petroleum imports, from abundant American supplies of shale and coal. But now there are major doubts about the whole future of synthetic fuels. Some Reagan Administration officials argue that private industry does not need Government help to develop new energy sources, and lower oil prices are weakening...
...producers' troubles are expected to push down crude prices, which have already been sagging as the economy slows and consumption diminishes. One OPEC member, Nigeria, last week sliced $4 off the price of a barrel of its high-quality oil, bringing the cost down to $36 per bbl., and inviting price cuts from competitors like Libya and Algeria...
With negotiations totally stalled, the delegates took an unprecedented step. They asked their heads of government to appeal to Saudi Arabia's King Khalid to accept a compromise at $35 per bbl. But the effort came to nothing. As a belated gesture of good will, Yamani announced as soon as the conference ended that, although his country was sticking by its $32-per-bbl. price, it would nonetheless help tighten the market for other OPEC producers by cutting Saudi production by 1 million bbl. daily in September...
...price relief could be surprisingly short-lived. Reduced OPEC production has already begun to work off the global crude surplus. Constantine Fliakos, an oil analyst with the Merrill Lynch investment firm, calculates that world oil production is now falling short of demand by at least 1 million bbl. per day. Autumn, when northern countries prepare for winter, is normally a period of increased energy demand. And, although oil tanks are full, they could quickly begin to empty. Then oil prices might start climbing once again...