Word: bbl
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Dates: during 1990-1999
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...real terms than in 1973. After several days of haggling at meetings in Europe and the Persian Gulf, Naimi finally announced a breakthrough: Iran, Algeria, Venezuela, Mexico and the Saudis agreed to press OPEC (the Organization of Petroleum Exporting Countries) and non-OPEC countries for a 2 million- bbl.-a-day reduction in the flow of crude, a figure equivalent to nearly 3% of world output...
...jobs, with an additional 17,000 at risk in the first half of 1999, according to the American Petroleum Institute. Almost 140,000 domestic oil wells have been abandoned in little over a year, principally in Texas, Oklahoma, Colorado and Louisiana, forcing U.S. daily production down by 360,000 bbl. a day. In Alaska, which depends on tax revenues from oil, the state is forecasting a $1 billion budget gap, equal to about half the money it needs to pay for the day-to-day running of government...
...Saudis, the aim is to absorb some 300 million bbl. of supply overhang and bring inventories more in line with demand. It won't be easy. Nearly a year ago, some of the same countries that signed on to last week's deal agreed to reduce oil production by a whopping 3.1 million bbl. daily. When that happened, prices rose from $13 to more than $17 per bbl. Then flagrant quota busting, higher production from Iraq, warmer winter weather and lower demand for energy in Asia combined to wreck the price-fixing scheme, and oil crashed to just over...
...soon, as production picks up, that line and a number of others already laid will be too small to handle the job. The consortiums want a new 3.5-ft.-wide line that will be able to carry up to 1 million bbl. a day in five years. At the bar of the Ragin' Cajun, a hot spot in Baku, a veteran of oil fields from Texas to Siberia explains, "The game's called pipeline poker. The Caspian is crazy. It's landlocked. We can drill all the oil you'd ever need...
CRUDE OIL PRODUCTION 24 billion bbl. per year...