Word: bbl
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Within three days, the cartel endorsed the plan. It requires the Saudis to slash production from a July average of 5.8 million bbl. a day to 4.35 million. Kuwait and the United Arab Emirates are also called upon to make hefty cuts, reducing their combined output by roughly 40%, to some 1.85 million bbl...
...Yamani's suite, which had a sweeping view of Lake Geneva. Since OPEC members were unwilling to make long-term promises to limit their oil production, Aqazadeh reasoned, Why not try an interim measure? He suggested a temporary return to the group's 1984 quota of some 16 million bbl...
...production quota be twice as large as that of Iraq, with whom it has been at war for the past six years. But this time Iran dropped its usual demand. Iraq would be exempt from the agreement and could continue to produce at full capacity, about 1.8 million bbl. of oil a day. Iran would not really suffer either. It would keep pumping at present levels, lifting some 2.3 million bbl...
Equally important, the Saudi strategy forced the other OPEC members to think seriously about quotas or face the prospect of almost bottomless oil prices. Before last week's agreement, some experts were predicting a price of $6 per bbl. by the end of the year. Says Sanford Margoshes, who follows the industry for Shearson Lehman Brothers: "Producers have suffered exquisite pain, and pain makes one wise." Arnold Safer, an energy consultant based in Bethesda, Md., believes "it was a do-or-die situation in Geneva...
...many other analysts doubt that OPEC's plan will work. Even if members abide by the agreement, they are fighting a formidable oil glut. Some 200 million unsold barrels of oil linger on the market today, and the inventory has been building at the rate of 2 million bbl. a day. Despite the cutbacks, some experts argue, there would still be a surplus that would depress prices...