Word: bbl
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Dates: during 1980-1989
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...case Angola, China, Colombia, Egypt, Mexico, Malaysia and Oman. As the oil czars gathered, the petroleum industry watched and wondered: Was a new, super-OPEC forming? Just the prospect of the meeting had sent the price of West Texas intermediate, the benchmark U.S. crude, rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were still struggling to forge an agreement that would prop up prices by throttling back the world's oil output...
...with a proposal for boosting prices. They promised to cut their crude-oil exports by 5% if OPEC would do the same. The cutback would be easier for the smaller group to accomplish than for OPEC. Among the six, a 5% reduction would amount to only about 200,000 bbl., while for OPEC it would be more like 700,000 bbl. In return, OPEC members debated a counterproposal that would reduce the group's total production by 300,000 bbl...
...producers cheat on quotas, as they have so many times in the past, word of the proposed meetings, which are scheduled to begin April 23, sparked a rally in the oil markets. The price of West Texas Intermediate crude rose by almost 12% last week, closing at $18.35 per bbl., the highest level since December...
...producing countries, a spring flood of crude can be devastating. The last one, in 1986, sent prices plunging below $10 a bbl. This year another glut is surging forth, depressing prices of Persian Gulf crude from $18 a bbl. in December to about $13 currently. The causes: a warm winter in Europe and an increase in production among non-OPEC countries, ranging from Angola to Yemen...
...domestic shortage. Last week it was disclosed that the U.S. Geological Survey has lowered by 40% its estimates of oil and natural gas that remain to be found in the U.S. The survey, criticized by some experts as too pessimistic, puts undiscovered crude-oil deposits at about 33 billion bbl. That figure does not include undiscovered oil under federal offshore sites, which has been estimated at 12 billion bbl. The undiscovered resources, if taken together with proved U.S. reserves of 27 billion bbl., is only enough to last an estimated 20 years at current production levels. The supply may expand...