Word: bbl
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...Jordan to the port of Aqaba, and another that would join with Saudi Arabia's petroline and carry Iraqi oil to the Red Sea port of Yanbu. Iraqi officials talk of finishing one or both projects within 18 months. Together with the existing line that carries 1 million bbl. a day of Iraqi crude through Turkey, these pipelines would give Iraq an export capacity of 2.5 million bbl. a day, twice its present OPEC quota...
...Jordan and Egypt. The Saudis are cooperating with Iraq in the pipeline project as well as helping fund the Iraqi war effort. Jordan helps Iraq buy arms throughout the world, and then allows the weapons to be shipped through Jordan to Iraq. It also permits an estimated 90,000 bbl. of Iraqi oil a day to pass through Jordan by truck. Egypt annually sells Iraq $800 million worth of locally manufactured arms and ammunition, while acting as a middleman in securing planes, tanks and other weapons from third countries. It has also contributed 30,000 volunteers to the Iraqi armed...
...week throughout the oil industry. Said Gulf Chairman James E. Lee: "I think we are kind of on a razor's edge." Texaco, Quaker State and Standard Oil of Indiana lowered the rates they would pay for some types of U.S. crude by as much as $2 per bbl., to $26. The trend may force two big producers, Britain and Nigeria, to mark down the official price of their crude. Said Constantino Fliakos, oil analyst at Merrill Lynch: "If that happens, OPEC ultimately would suffer and have to lower its official price again...
...price slide was triggered by an unusual Saudi deal in which the country plans to exchange some 34 million bbl. of oil for ten new Boeing 747 jetliners. Saudi Oil Minister Sheik Ahmed Zaki Yamani protested the arrangement because it would add to the glut on the world oil market. But Prince Sultan, chief of the military and the national airline, overruled him, apparently because the royal family wanted to avoid dipping into the country's foreign-exchange reserves to pay for the planes. By exceeding its OPEC production quota, Saudi Arabia provided an easy excuse for most other...
...Despite the economic boom in the U.S., West European countries have been slow to recover from the worldwide recession. Total oil purchases by Western industrial countries have increased by less than 4% since last year. Meanwhile, OPEC's total output has gushed up about 30%, from 14 million bbl. a day in mid-1983 to some 18.5 million currently...