Word: bbl
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Dates: during 1990-1999
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Even the most pessimistic forecasters were cheered when OPEC decided last week to allow its 13 members to increase production to make up the shortfall of roughly 4.6 million bbl. a day lost in the U.N.-mandated embargo on Iraqi and Kuwaiti crude. In the wake of the cartel's action -- Iraq and Libya did not attend the meeting in Vienna -- petroleum prices dropped about $2 in one day, to $26 per bbl. Toward week's end, however, traders began fretting once again about a possible gulf confrontation and a disruption in energy supplies; with that, the price for October...
...struggle of their lives. For the first time in decades, they will have to pay the market price for energy instead of relying on subsidized oil from the Soviet Union; they must also make do with a 30% cut in Soviet supplies. Even with oil at only $20 per bbl., Bulgaria would be forced to use 80% and Czechoslovakia 60% of hard-currency reserves to pay for supplies. Though the Soviet Union stands to gain an additional $7.5 billion in hard-currency earnings as a result of the price run-up, Moscow cannot expect a bonanza: its oil industry...
...handle the interest on its $135 billion foreign debt. Even the more stable economies will be badly hurt by the energy price hike. Kenya, for example, will see its oil-import bill increase from $300 million to $400 million a year if the price settles at $25 per bbl. Says Ross Wilson, a consultant at Deloitte, Haskins & Sells in Nairobi: "The question for Kenya is, How many loads can the camel take...
...beginning to show results. Inflation, which hit 73% a month before the plan took effect last March, has cooled to less than 13%. Government officials predict that Brazil will lose $3.3 billion because of higher oil costs and loss of exports through 1991. If prices stay at $25 per bbl., next year's energy bill will grow $2 billion. As a result, Brazil may not resume payments on its foreign debt of $115 billion...
...extra $11 per bbl. would bring in about $22 billion a year for the Saudis. But now, thanks to our decision to defend them from Iraq, oil is selling for over $30 per bbl. That should temper our gratitude for their decision to pump an extra 2 million bbl. a day. It means another $22 billion or so, plus an $18 billion premium on the 5.4 million bbl. a day they were already pumping. Meanwhile, we are paying for the oil and also paying untold billions to defend their right to pump unmolested...