Word: bbl
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Dates: during 2000-2009
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...want to shrink their own markets." The Saudis could conceivably decide that they would no longer use their excess capacity--as they do now--to smooth out market volatilities. Partly because of uncertainty as to Saudi intentions, the benchmark price of crude oil rose 34%, to $26.64 per bbl., from February to late April. Still, it remains far below its average price in 2000. (Crude oil today is, in real terms, barely half the price it was at the time of the first oil shock...
...popular touch can be useful as Abdullah goes about tackling entrenched problems. During Fahd's 20-year reign, government spending soared, while oil revenues declined from $40 per bbl. in 1980 to about $20 today. Abdullah has set out to shake the kingdom of its dependence on oil, which produces 70% of the nation's wealth. He has spearheaded the most significant attempt at economic restructuring in the kingdom's history, opening negotiations with American and other Western energy powers on a $100 billion foreign-investment project to develop natural gas and build related electricity and water-desalination plants...
Following a brief spike in the oil markets after Sept. 11, the benchmark price of Brent crude has slipped from around $29 per bbl. to between $21 and $23. Cambridge Energy Research Associates, a leading source of industry analysis, is forecasting a fourth-quarter average price of $23.75. The reason is simple. Even before Sept. 11, the global economy was entering a recession. That recession is now likely to be deeper, though not necessarily longer, as nervous consumers and business executives put off discretionary spending. The impact of a global downturn on the demand for energy "is the dominant factor...
Since peaking last September at $37.80 per bbl., oil prices have tumbled to below $25. This breather from high energy costs is going to be short-lived. In the past two years, members of the cartel have stuck close to their output quotas, which they demonstrated in last week's announced production pullback. That will bring crude prices above $25 per bbl. again. Should crude top $30 for a prolonged period, it will further eviscerate U.S. corporate profits and have a deeply corrosive effect on the entire U.S. economy...
...OPEC GETS POLITICAL Since peaking last September at $37.80 per bbl., oil prices have tumbled to below $25. This breather from high energy costs is going to be short-lived. In the past two years, members of the cartel have stuck close to their output quotas, which they demonstrated in last week's announced production pullback. That will bring crude prices above $25 per bbl. again. Should crude top $30 for a prolonged period, it will further eviscerate U.S. corporate profits and have a deeply corrosive effect on the entire U.S. economy...