Word: bbl
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...floor. "The market is in a careening tailspin," said one Manhattan oil-futures analyst. Warned another: "Put on your hard hat. The sky is falling." The price for next month's delivery of West Texas Intermediate, a major U.S. crude, plunged $3.39 on Monday and Tuesday to $15.44 per bbl., its lowest point since 1979 and a nearly 50% decline from just three months ago. Only toward the end of the week did the markets calm down a bit, and the price recovered part of its losses, to finish...
...though, most oil countries have kept right on pumping. OPEC, meanwhile, is currently producing at least 17.5 million bbl. a day, even though demand for its oil is only at 15 million bbl. As a result, prices are plunging while the countries wait to see which one will be the first to blink. The standoff could bring months or even years of rock-bottom energy bills. Says Mani Said al-Oteiba, Oil Minister of the United Arab Emirates: "The price war is here." Adds Constantine Fliakos, senior petroleum analyst at Merrill Lynch: "It's a case of everyone for himself...
...Saudi plan as "an imperialist conspiracy." Meanwhile, the oil ministers of Mexico and Venezuela teamed up for a road show to promote peace among the petropowers. One stop was Egypt, which has reportedly taken a step toward cooperation by quietly lowering its production by 23%, to 670,000 bbl...
...Griego, a historian at the prestigious Colegio de Mexico, "economic growth has been the central pillar of the functioning of the system." Bruce Bagley, a Washington-based Latin American expert at Johns Hopkins University's School of Advanced International Studies, warns that "if oil prices hold below $20 per bbl., it will be a disaster...
...confront Venezuela (foreign debt: about $35 billion). Originally, the country expected $12.4 billion in oil revenues this year. Now experts estimate the total at slightly more than $10 billion, and that may be optimistic. Late last week Venezuela announced that it was cutting some oil prices by $3 per bbl. Venezuela began imposing austerity measures in 1984, and these have led to an unemployment rate of 13.3%. The current administration has risked a public backlash by hiking the prices of such basic commodities as bread, milk and gasoline...