Word: bbl
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...widespread concerns that leaking chemical drums were contaminating thousands of disposal sites. Critics of the ban, including the Chemical Manufacturers Association, had claimed that sorting out liquid from solid toxic wastes and then getting rid of them was prohibitively expensive. Incineration, for example, costs more than $100 per bbl., vs. $25 simply to bury the stuff. EPA officials admitted last week that even before the ban went into effect, they had decided to scuttle it as "unworkable." Edgy environmentalists think that may still happen, despite last week's retreat by the agency. Reason: the EPA filed a separate proposal...
...already in shambles, ministers from the 13-nation Organization of Petroleum Exporting Countries are planning to gather this weekend in Vienna to make a desperate gamble. They will try to shore up the price of crude on world markets by agreeing to set a production ceiling of 18.5 million bbl. per day, down from 19.2 million bbl. per day currently, and to parcel out the resulting cuts. That is something that the fiercely nationalistic members of the organization have never before managed to achieve. Many Western analysts, emboldened by strife-torn OPEC's recent setbacks, are predicting that...
Over the years, OPEC ministers have had no trouble raising prices to sky-high levels. Now, however, the world is awash with excess crude-2 million to 3 million bbl. of unused oil per day-and the production cuts necessary to firm up the market are more than some members have so far seemed willing to bear...
...badly need to sell every barrel of crude they can pump. One such country is Nigeria, which is burdened with a population of 80 million and a superambitious agricultural development program. In a desperate move to boost sales, the government last week threatened to slash a full $5 per bbl. off its officially quoted $36.50 price, in order to compete with non-OPEC oil from the North...
Saudi Arabia, which produces 40% of OPEC's oil, holds the key to any agreement that would keep prices from plunging still further. The Saudis could dry up the supply glut singlehanded by slicing their output, now at about 7.5 million bbl. per day, to 5 million bbl. But the House of Saud cannot go below 6.2 million bbl. per day without dipping into capital reserves to finance a variety of ambitious construction and industrialization plans. The Saudis are also reluctant to step out on a limb within OPEC. Says Lawrence Goldstein, research director of the Petroleum Industry Research...