Word: bbl
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Ever since, Iraq has been waging a slow-paced defensive struggle, relying on its air force to strike at Iranian targets. In the process, Iranian oil production has been reduced over the past year from 1.6 million bbl. a day to less than l million bbl., the minimum thought necessary to sustain Tehran's war effort. President Saddam Hussein, who invaded Iran in September 1980 out of fear that Khomeini's fundamentalist Shi'ite revolution would spread to Iraq, where the Shi'as constitute more than half the population, has little choice but to fight on as best...
...news of Yamani's ouster, spreading instantly through government offices, trading floors and boardrooms around the world, set off a kind of mini-panic. Markets careened as speculators struggled to grasp what the departure meant. Spot oil prices first dropped more than a $1.10 per bbl. in New York City and then climbed nearly $2 to about $15.25 by week's end. Prices seesawed in London and Rotterdam. In Washington, a bewildered Reagan Administration official said the firing "caught us all by surprise...
...apparently run afoul of the ruling House of Saud on several counts. By electing to pump Saudi oil as fast as he could at a time when there was already a plentiful world supply, Yamani sparked a price war that caused OPEC prices to plunge from some $30 per bbl. last December to less than $10 this spring. Yamani's goal was to flood the world with cheap oil and thereby drive high-cost producers in the U.S., Britain and elsewhere out of business. OPEC would then be free to raise prices once again...
Experts say Yamani clung to his strategy despite growing opposition from King Fahd, who has called for a price of at least $18 per bbl. to boost Saudi oil earnings. Yamani countered that producers could control either prices or output, but not both at once. During OPEC's 17-day meeting in Geneva last month, Fahd repeatedly intervened from Riyadh on several key issues. The Geneva session wound up endorsing price-raising production limits, which Yamani initially opposed, through...
...price of a barrel of West Texas Intermediate Crude fell from $15.19 to close the week at $15.02. OPEC must meet again in December to set 1987 production levels, and many analysts think the current agreement may collapse, perhaps sending the price of oil back below $10 per bbl...