Word: bbl
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Dates: during 1980-1989
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...much to firm up the weakening price of crude. Though sporadic calls for an oil embargo of the U.S. echoed through the Arab world, petroleum prices stayed stagnant on the bellwether spot market, where much of the world's current excess is traded daily. At approximately $32 per bbl., spot market crude is now selling for nearly 20% less than last autumn...
Prices are sliding in large part because Saudi Arabia, which produces 10.3 million bbl. of crude oil daily, or 40% of all the output of the 13-nation Organization of Petroleum Exporting Countries, is intentionally forcing them lower. As longtime champions of steady, but moderate, rises in the price of oil, the Saudis have refused to mimic price hawks like Libya, Iran and Iraq. Instead, the Saudis for the past nine months have been pumping nearly 2 million bbl. per day above their self-imposed limit of 8.5 million bbl. daily in order to create an oil surplus and drive...
...hardest hit nations is Nigeria. As sales have fallen off, Nigeria's output has slipped in recent months. Daily production is now running at little more than 1.6 million bbl., down nearly 30% from 1980 levels...
Mexico, which is not an OPEC member, finds itself in a similar bind. Since 1976, Mexican production has more than tripled, to 2.8 million bbl. daily, and the resulting revenues from exports have become the foundation of economic development. Mexico has now cut prices by $4 per bbl. on both light and heavier grades of crude...
Meanwhile, B.N.O.C. has now offered to trim the cost of its crude by $2, to $37.25 per bbl., in order to deter customers from seeking even cheaper deals elsewhere...