Word: bbl
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...shared in the two cheaters' profits to the extent that it received $10 billion to $20 billion in loans from them for its war effort. But now that the cease-fire with Iran is two years old, Iraq is rebuilding its oil industry. With an output of 3.14 million bbl. a day, Iraq is tied with Iran for the rank of OPEC's second largest producer. Both trail Saudi Arabia's output of 5.42 million bbl...
...repair the ravages of the war and repay $40 billion in foreign debt to the West. In theory, Iraq could boost its income by pumping more oil, just as its wayward neighbors % have. Experts believe the country's reserves could be tapped at a rate of 5 million bbl. a day. But Iraq lacks the modern equipment to do so and cannot manage the cost of the investment...
...moment, motorists may wonder where the bargain is. While crude prices have fallen from nearly $17 a year ago to about $13 per bbl. currently, the average price of regular unleaded gas has declined only about 4 cents per gal., to $1.08. The main reason gas prices have lagged behind the fall in crude is a shortage of U.S. refining capacity. Demand for gasoline has risen in recent years, but new refinery construction has been hampered by environmental protests and changes in tax laws. As a result, refineries have been reaping fat profits, a growing portion of which is heading...
With a population of nearly 12 million, the new Republic of Yemen could become a regional power. Its assets include oil reserves estimated at up to 4 billion bbl. and a new commercial capital at Aden. The once busy port has lost Western business since it fell into pro-Soviet hands, but refueling at Aden could come back into favor: it would save ships 2 1/2 days of sailing...
...since the oil glut of 1986 have petroleum prices gone on such a wild ride. During trading last week, the futures price of crude fell below $16.50 per bbl. for the benchmark West Texas Intermediate, down more than $2 from the previous week and $5 since early March. While demand for oil usually softens during springtime, new calculations of the world's oil production have stunned commodity traders. Total output by the Organization of Petroleum Exporting Countries exceeds 24.5 million bbl. per day, or 2 million beyond its agreed ceiling. At the same time, Saudi Arabia said it had discovered...