Word: bbl
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...real terms than in 1973. After several days of haggling at meetings in Europe and the Persian Gulf, Naimi finally announced a breakthrough: Iran, Algeria, Venezuela, Mexico and the Saudis agreed to press OPEC (the Organization of Petroleum Exporting Countries) and non-OPEC countries for a 2 million- bbl.-a-day reduction in the flow of crude, a figure equivalent to nearly 3% of world output...
...soon, as production picks up, that line and a number of others already laid will be too small to handle the job. The consortiums want a new 3.5-ft.-wide line that will be able to carry up to 1 million bbl. a day in five years. At the bar of the Ragin' Cajun, a hot spot in Baku, a veteran of oil fields from Texas to Siberia explains, "The game's called pipeline poker. The Caspian is crazy. It's landlocked. We can drill all the oil you'd ever need...
CRUDE OIL PRODUCTION 24 billion bbl. per year...
CRUDE OIL PRODUCTION 150 million bbl. per year...
...Caspian Sea and offshore West Africa. This diversification acts as an insurance policy against supply disruptions. The growing role of natural gas in the overall energy mix provides a further buffer. Information technology has also allowed the industry to search for oil and make a profit at $15 per bbl., about half the threshold of just a decade ago. For example, the industry has adapted the computer-visualization techniques Hollywood used in movies like Jurassic Park for 3-D seismic visualization of potential reserves deep underground...