Word: bbl
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...winning an important U.N. concession: a partial reopening of Iraq's oil pipeline through Turkey. Periodically Baghdad will be allowed to "flush" the pipeline of old oil -- which the Turks claim is corroding the pipe -- and fill it with fresh oil. Each flush will yield about 12 million bbl. of marketable oil, which would net Iraq some $50 million, and there could be several such operations every year...
More important, oil prices suddenly slumped as low as $15.31 per bbl., down from a March high just over $21 and the lowest in 3 1/2 years. The immediate reason was that the 12-nation Organization of Petroleum Exporting Countries, meeting in Vienna just before Thanksgiving, could not agree on a plan to cut production. Output from non-OPEC sources is rising too, and there is a possibility that United Nations sanctions against Iraq will be eased, allowing some Iraqi oil to flow abroad again. All that adds to a heavy surplus of supply over demand...
...drag from the higher taxes and lower spending of the Clinton ((deficit-cutting)) plan." Johnson is worried that oil prices may rebound, but others think they could go lower. The prestigious Middle East Economic Survey sees a chance that they will range between $15 and a mere $10 per bbl...
Among oil producers, talk of an import fee has created tension between Big Oil and its smaller brethren. The struggling little guys love the idea because slapping a fee on the 7.8 million bbl. of foreign oil that Americans import each day would boost their own prices and help finance new exploration and production. "People don't realize that we've lost more jobs than the auto, steel and textile industries combined," says an industry lobbyist. Falling prices in the oil patch have cost producers 450,000 jobs, or 60% of the work force, over the past decade...
Until last week, gentle ponies and Fair Isle sweaters represented the Shetland Islands: comforting symbols of a place of untamed beauty. Now Shetland is distinguished by 619,000 bbl. of spilling oil. The tanker Braer, owned by a subsidiary of a U.S. firm, ran aground Tuesday after its engines failed during a storm. A few hours before the ship hit the rocks, helicopters took the crew off, so no one was aboard to secure a line to a rescue tug. As rough seas kept salvors from pumping off the remaining crude, the slick threatened to kill thousands of birds...