Word: bbl
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These days, though, tales of future shocks seem like distant fantasies. OPEC remains a cartel held together by the loosest of links. Three months ago the group agreed to cut production by 7%, to 15.8 million bbl. a day, and prices later jumped by about $4, to more than $19 per bbl. But OPEC's continued weakness soon surfaced. Last month certain members were reported to be cheating on the cartel's production accord, and prices fell below $15 per bbl. Even as Saudi Arabia worked last week to keep the production agreement intact, causing prices to rise about...
Still, OPEC is expected to regain its strength sooner or later, and the U.S. is doing little to defend itself against a revitalized cartel. American oil production, which had held fairly steady since the late 1970s, declined last year. Total output fell by 3%, or 300,000 bbl. a day. The Department of Energy projects that U.S. oil production will fall by an additional 440,000 bbl. a day through...
...domestic production faltered last year, imports rose by 900,000 bbl. a day, a 28% increase. The U.S. now depends on foreign producers for 38% of its supplies. In 1973, when oil prices surged in the wake of the Arab embargo against the U.S., Americans relied on foreign producers for 35% of their oil. As in the halcyon days of the 1960s, Americans believe they ought to be able to buy big cars if they feel like it or turn up the thermostat at every chill...
...moment the worldwide oil glut enables the American public to indulge its taste for imported energy without driving up prices. Excess capacity totals some 12 million bbl. a day, about 75% of which can be found in the Middle East. But the glut may vanish within five years, as growth in non- Communist economies soaks up the surplus. Says Daniel Yergin, president of Cambridge Energy Research Associates, a Massachusetts-based consulting firm: "We expect the world oil market to look radically different in the early 1990s...
...striking difference will be the falloff in British oil production from the North Sea. Last year 2.56 million bbl. a day were produced. By 1992 the output is expected to drop below 1.7 million bbl. a day, making Britain a net importer of oil for the first time since 1980. While Mexico's reserves should last well into the 21st century, its production is expected to stay flat for the next few years. Because of the shaky state of the Mexican economy, Pemex, the state-owned oil company, will probably be unable to make the investments needed to bolster...