Word: bbl
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Iraq is required to apply each month to the U.N. for approval of the price it charges for crude. But Iraq usually requests a number at least 50¢ per bbl. below the going price. Then Baghdad demands an illegal surcharge of, say, 30¢ per bbl. on top of the U.N.-approved price. The arrangement still gives buyers a 20¢ discount...
...30¢ kickback goes directly to Saddam after deposit in an Iraqi bank account in Jordan or some other location over which the U.N. has no control. During one 10-month period in 2000 and 2001, officials working with the U.N. determined that Iraq had successfully imposed a 30¢-per-bbl. surcharge, netting Saddam $175 million...
...NETS EVEN MORE FROM SMUGGLING OIL. This is the oil he secretly sells outside U.N. supervision--and he pockets all the revenue. Late last month U.N. officials reported that Iraq was smuggling huge, 1 million--bbl. shiploads of oil through the gulf. But most of it is carried by small craft or aging scows guided by experienced, radio-equipped Iraqis and is later sold in Iran, other gulf countries and onto the world market...
...world's annual production, enough to run 40 standard 1,000-MW reactors for a year. That much uranium can satisfy fully 2% of the world's electricity demand--as much as would be provided by 140 million tons of coal (twice Canada's annual production) or 450 million bbl. of oil (more than twice Qatar's annual production). Cameco expects to take 585 million lbs. of uranium out of McArthur River during the next 25 years or so--not counting a second ore zone, not yet fully delineated, a few hundred feet west of the current mine. And that...
...likely to resist because of its continued interest in maintaining higher prices. OPEC's share of world petroleum output has been slipping, however, from more than 50% in 1974 to about 42% today. And if cash-strapped Iraq eventually decides to boost production as high as 6 million bbl. a day, it could push world prices down sharply. So cheap oil may be on the way, but it could be a long time coming. --With reporting by Blaine Greteman/London, Scott MacLeod/Cairo, Andrew Purvis/Vienna and Mark Thompson/Washington