Word: bbl
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Dates: during 1980-1989
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...economists are cautiously optimistic about the near-term energy outlook. France's Chevalier, an energy expert, sees no significant increases in world oil prices during 1981 beyond those following the OPEC meeting in Bali two weeks ago. Though the Persian Gulf war knocked out 2.9 million bbl. per day from Iran and Iraq, according to Chevalier's figures, other OPEC members, including Saudi Arabia, Kuwait and the United Arab Emirates, increased output to ease the shortfall. Oil importers are also being helped by increased production in Mexico, the North Sea and other non-OPEC areas. Moreover, conservation...
...conference room, thus weakening the cartel's fearsome control over oil prices. But after a two-day meeting, the OPEC nations agreed unanimously not to let the war between Iran and Iraq get in the way of boosting the price of oil by $2 to $4 per bbl. The price of Saudi Arabian light crude was hiked $2 and set at $32 per bbl., while the official ceiling price for oil sold by any OPEC member was increased by $4, to $41 per bbl. The price increases will jack up the world's oil bill by an estimated...
Such objections, however, are not likely to have any real impact on OPEC decisions. Much more important is the state of world petroleum markets, which are currently afloat in oil. Worldwide demand for the black gold was off by about 2 million bbl. a day in 1980. Some production has resumed in Iran and Iraq, and the Saudis are continuing to pump about 2 million bbl. a day extra to make up for the shortfall caused by the Iranian revolution and by the destruction resulting from the Persian Gulf war. This has permitted oil companies and major petroleum-importing countries...
This situation of relatively easy oil will not last indefinitely. Two weeks ago, an Iranian air attack against installations near Kirkuk knocked a key pumping and distribution center As a result, oil has stopped flowing through two of Iraq's four pipelines, reducing exports by almost 1 million bbl. a Saudi Arabia is also threatening to its production and send oil prices $50 per bbl. Oil Minister Yamani is demanding that world energy companies carrying heavy stocks start them down faster and that West nations stop squirreling more oil away strategic reserves. Indeed, the Saudis prod Western countries...
...President-elect, though, also faces a darker side of the energy situation. Total U.S. crude oil consumption this year is about 16.8 million bbl. per day, and 6.7 million bbl. of that is imported. Despite their heavy drilling, oilmen are finding fewer gushers. By 1990, U.S. oil production will have diminished by about 20% from current levels. Thus, the U.S. will continue for most of the decade to be vulnerable to Middle East petroleum cutoffs and exorbitant OPEC price demands...