Word: bbl
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...major reason for the good news is the plunge in oil prices. Only last November crude was selling for more than $30 per bbl., but by last week it had dropped to about $12. Because oil price declines can take 40 to 90 days to work their way through to the pump, the impact of lower-cost crude is just beginning to be felt. Some experts are predicting 60 cents gas for the summer, which may tempt a lot of people to polish up the old T-Bird and have some...
Brazil, however, which imports 49% of its 990,000-bbl.-per-day consumption of crude, will get a big boost from less expensive fuel. The country expects its 1986 oil bill to be $2.8 billion instead of a previously estimated $4.8 billion. The developing world's largest debtor, Brazil has been able to keep up with its payments lately, thanks to a roaring economy that grew 8% last year. But the country will have to curb that feverish growth to cut inflation, which reached 233% in 1985 and appeared to be headed for 500% this year. Last week President Jose...
...risk of inflation has been sharply reduced, however, by the huge drop in petroleum prices. Last week the price for next-month delivery of West Texas Intermediate, a benchmark crude, closed at $16.01 per bbl., compared with $31.72 in November. Rimmer de Vries, chief international economist for Morgan Guaranty Trust, expects prices to average about $18 this year and next...
What brought on the oil windfall is a global production binge. The Organization of Petroleum Exporting Countries is pumping about 17.5 million bbl. a day, 2.5 million bbl. more than the industrial world can use. The glut showed up in earnest late last year after Saudi Arabia nearly doubled its output in order to regain the market share it had lost to rival producers...
...past five months the new President has tried to blend military orderliness with the freedoms of a democratic political system. So far, his resolve has withstood mounting economic pressures. Until 1980 Nigeria was flush with revenues from its oil industry, which at one time produced 2.3 million bbl. a day and yielded $23.4 billion a year in revenue. But the worldwide petroleum glut has left the country, which earns 95% of its foreign currency from oil exports, teetering on the edge of economic collapse. Last year Nigeria produced a daily average of 1.4 million bbl., earning $11.3 billion. Even...