Word: bbl
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Dates: during 1990-1999
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...shared in the two cheaters' profits to the extent that it received $10 billion to $20 billion in loans from them for its war effort. But now that the cease-fire with Iran is two years old, Iraq is rebuilding its oil industry. With an output of 3.14 million bbl. a day, Iraq is tied with Iran for the rank of OPEC's second largest producer. Both trail Saudi Arabia's output of 5.42 million bbl...
...repair the ravages of the war and repay $40 billion in foreign debt to the West. In theory, Iraq could boost its income by pumping more oil, just as its wayward neighbors % have. Experts believe the country's reserves could be tapped at a rate of 5 million bbl. a day. But Iraq lacks the modern equipment to do so and cannot manage the cost of the investment...
Despite the stretched nerves in Geneva, OPEC's other producers were delighted with the outcome of Saddam's antics, since discipline on quotas will mean more money for all of them. The 13 members agreed to cap their total output at 22.49 million bbl. a day through the end of this year, an increase over the previous ceiling of 22.08 million but less than the 23.5 million that was actually flowing when Kuwait and the U.A.E. were breaking the rules...
Even before the OPEC meeting began, uncertainties generated by Iraq's brinkmanship had driven the average price of OPEC oil to $16.25 per bbl., from less than $14 per bbl. at the end of June. But because buyers have stocked up on cheap fuel in recent months, it will take some time before the new production cap shoves prices as far as the new $21 benchmark. That level may be difficult to sustain beyond the winter, when fuel demand rises naturally, as OPEC members with spare capacity are likely to press for new, higher quotas...
...moment, motorists may wonder where the bargain is. While crude prices have fallen from nearly $17 a year ago to about $13 per bbl. currently, the average price of regular unleaded gas has declined only about 4 cents per gal., to $1.08. The main reason gas prices have lagged behind the fall in crude is a shortage of U.S. refining capacity. Demand for gasoline has risen in recent years, but new refinery construction has been hampered by environmental protests and changes in tax laws. As a result, refineries have been reaping fat profits, a growing portion of which is heading...