Word: bbl
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...past five weeks, OPEC's contentious band of oil ministers were debating what to do about a continuing worldwide petroleum glut that has put intense downward pressure on prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary Saudi Oil Minister, Sheik Ahmed Zaki Yamani. As cameras flashed and video recorders whirred, OPEC's most powerful leader curtly announced: "The meeting has ended. There...
...charge for North Sea oil. He said that Nigeria, an OPEC member that has had particular trouble selling oil recently, might then feel forced to follow Britain's lead. If that happened, Yamani hinted, the Saudis might themselves shave a few dollars off their $34-per-bbl. price...
...sharp slide in oil prices could be devastating to Mexico. Every $1 cut in the price of Mexico's crude oil, which now sells at $32.50 per bbl. for the highest grade, would cost the country about $550 million in revenues and make it that much harder to meet the estimated $12 billion in foreign interest payments that are scheduled to become due this year...
...beleaguered country, which last year passed Saudi Arabia as the leading U.S. oil supplier, might also recoup some losses simply by pumping more oil. William M. Brown, director of energy studies for the Hudson Institute, believes that Mexico could fairly easily double its exports to 3 million bbl. per day in three years. That way, oil earnings would stay level even if the per-barrel price was cut in half. Other experts, however, believe Mexico would not have the wherewithal to make the investment required to double its output unless it could line up cash customers first. One willing buyer...
...senescent wells. All have arisen because conventional pumping can extract only about one-third of the contents of a field before the flow stops. When oil prices were still rising, experts predicted that enhancing techniques could more than double U.S. recoverable reserves, which now stand at about 30 billion bbl. But some current projections are for an increase in reserves of closer to 50%. That would still be enough to keep U.S. wells flowing into the middle of the 21st century...