Word: bbl
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Poor, poor OPEC, Buchwald went on, needling the oil producers, who have ballooned their prices from $3 to as high as $41 per bbl. in eight years, swelled their treasuries unimaginably, twice plunged the industrialized world into recession and contributed to an inflationary spiral that is unmatched in peacetime history. Now that those producers have impaled themselves on a horn of plenty, Buchwald urged Americans to have a heart and to "do unto them what they have done unto...
OPEC itself is in disarray. Iran and Iraq, for example, have been waging a war of attrition for 18 months, and Iran two weeks ago reduced its oil price by $2 per bbl. to increase sales, raise money and pay for the fighting. Libya's leader Muammar Gaddafi last week let off a tirade against the U.S. and Saudi Arabia, which he accused of producing too much oil and driving down prices. He said that the oil producers now face an "economic blockade" ordered by America and executed by Saudi Arabia. Production by the 13 members of OPEC...
...some oil producers with low populations and high revenues, this is not creating much hardship. Kuwait has slashed production by 70%, to a mere 650,000 bbl. daily, without difficulty. Indonesia, on the other hand, has a large population and badly needs oil revenue for development. Therefore, it has continued to pump crude at full tilt, helping to sustain a buyer's market...
...crude and have become an influence on international prices as OPEC'S share has fallen to 43%. Last week the British triggered the latest panic in the world oil market by reducing the price of oil from its 20 North Sea fields from $35 to $31 per bbl...
...critical participant at the upcoming meeting will be Saudi Arabia. With 40% of OPEC's production, the Saudis are the key to any plan to reduce production and hold up prices. It was the Saudis, in fact, who forced OPEC's price reduction from $36 per bbl. to $34 per bbl. last October. The Saudis have trimmed production to about 7.5 million bbl. daily from a high of 10.5 million last summer, but experts feel that they would have to cut output to 7 million or even 6 million bbl. to dry up the glut and stop...