Word: bbl
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Dates: during 1980-1989
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...prices keeps growing longer. After years of feasting on high prices brought on by petroleum scarcity and soaring demand, the oil-producing states are discovering that the price of crude can go down as well as up. Drooping demand and a steadily swelling surplus production of some 2 million bbl. per day have created a miniglut that grows bigger by the week...
Though a communiqué at the close of the two-day gathering asserted that a "majority" of the organization's members had agreed to a 10% production cut along with a price freeze in the range of $36 to $41 per bbl. until January, the agreement had no practical effect. Neither Saudi Arabia, OPEC's largest single producer, which accounts for more than 40% of the group's daily output, nor Iran and Iraq, two of the other major suppliers, agreed to the production-cutting provision. All the cuts will have to be carried...
...been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from $41 per bbl. to no more than...
...cartel's hard-liners argued equally insistently that the Saudis had to help tighten the market by cutting production and raising prices. For the past eight months Saudi output has crested at 10.3 million bbl. daily, or about 2 million bbl. more than the desert kingdom produced three years ago. This is a key reason why worldwide petroleum inventories are now bursting with some 2 million bbl. daily in excess crude oil output...
...soon: implantation of an artificial heart. The challenge is formidable, since the heart is one of nature's masterpieces. The fist-size organ beats 100,000 times a day, and over a lifetime pumps enough blood through the 60,000-mile circulatory system to fill 13 million bbl. The Utah heart, dubbed the Jarvik 7 for its designer, Robert Jarvik, is made of plastic and aluminum and powered by electricity. The implant operation will be performed by Utah Surgeon William DeVries. He will cut away the heart's lower chambers (the ventricles), leaving the upper ones (the atria...