Word: bbl
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Dates: during 1980-1989
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...Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign Secretary Lord Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify the amount of the cutback, he has previously indicated it might be from the current 9.5 million bbl. per day to 8.5 million bbl. per day. For about a year, the Saudis have kept their petroleum output high in an attempt to hold down world energy prices. So far, their efforts have been successful; world crude inventories are at record levels. Any Saudi cutback would likely mean some tightening of world...
...Autos create employment for almost one in five American workers. The industry uses 60% of the country's synthetic rubber, 50% of its malleable iron, 33% of its zinc, 25% of its steel and 17% of its aluminum. Motor vehicles also consume nearly 40% of the 6.7 billion bbl. of oil used in the U.S. every year...
...Libyan friends who, he said, "felt personally responsible" for his having lost his main source of income and wanted "to help me get back on my financial feet." The result was the oil negotiations on behalf of Charter. This could have involved up to 100,000 bbl. a day, for which Billy and his associates could have received as much as 55? per bbl. in commissions. To tide himself over until he would start receiving those fat fees, Billy asked Libya for a $500,000 loan...
...erupting major scandal. On one side were the Royal Dutch/Shell Group, Mobil and Gulf Oil. Arrayed against them was the ten-month-old civilian government of President Alhaji Shehu Shagari, which seemed to be charging that the oil companies had somehow or other tricked it out of 183 million bbl. of high-quality Nigerian crude. The government appeared to demand that the oil be either returned or paid for. The situation took on added importance because Nigeria is the U.S.'s largest supplier of crude oil (923,000 bbl. a day) after Saudi Arabia...
Instead the tribunal concluded that during the years 1975-78, when Nigerian crude was not selling well because of a short-lived world oil glut, the three oil companies, which pump approximately 80% of Nigeria's normal production of some 2 million bbl. daily, had cut back production, at the government's request, to an average of about 1.7 million bbl. a day. Traditionally, the companies had been splitting their production on a 45%-55% basis with the government, for daily liftings of about 1 million bbl. of crude. In order to stay at that level, the companies...