Word: bbl
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...Portillo had both luck and geology on his side. When he took office, Pemex, Mexico's national oil company, had begun turning up one oil and natural gas discovery after another in the country's southern Tabasco and Chiapas states. With an output of some 2.7 million bbl. per day, Mexico became the fourth largest oil producer in the world...
...January, Chairman James E. Lee told a group of security analysts: "I recognize that in the near term our best shot at reversing our reserves decline may be to buy reserves." Cities Service will provide plenty. The Tulsa-based firm has land believed to hold at least 307 million bbl. of crude and more than 3 trillion...
...into a worldwide company with holdings stretching at times from Canada to the North Sea, Pickens had been gunning for Cities Service since 1979. His interest was sparked by the company's ownership of upwards of 10.6 million undeveloped acres of U.S. land containing an estimated 287 million bbl. of proven oil reserves as well as 2.7 trillion cu. ft. of natural...
Part of the reason for the higher cost of crude is dwindling oil company inventories. From January to April, energy firms drew down their stocks at a rate of anywhere from 3 million to 5 million bbl. per day. But now that the price of oil has begun to stabilize, at least temporarily, some industry analysts expect oilmen to begin replenishing their storage tanks. Energy Expert Lawrence Goldstein of the Petroleum Industry Research Foundation estimates that by autumn the non-Communist world's oil needs from OPEC will reach about 20 million bbl. per day. At present, however...
...firm up the market. Saudi Petroleum Minister Sheik Ahmed Zaki Yamani had feared that a continuation of the yearlong slide in petroleum prices could destroy OPEC. Thus, at the organization's March meeting, he succeeded in winning agreement on an unprecedented package of production cuts of 700,000 bbl. per day, or 3.8% of total OPEC output...