Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Dubai officials insist that they can meet their debt obligations for the next two years. But the credit squeeze clearly compounds some growing challenges to Dubai's revenue streams. The most obvious of these is the plummeting price of oil, from $147 to less than $65 per bbl. since July, rendering regional investors increasingly cautious as they dial down their expectations of untold wealth. And a global recession is likely to tighten the belts of the foreign investors and vacationers who have driven demand for Dubai's real estate and tourism developments...
...profit from oil--we peaked in America in 1970 with 10 million bbl. a day. We're down to 5 [million bbl.] now. There will always be a place for oil, but we have to get over to the renewables, which are wind and solar, first. Those are assets that we have done nothing with in America...
...consumes more than 150,000 BPD. (It also produces natural gas.) Venezuela makes up the difference by shipping almost 100,000 BPD to Cuba. The University of Miami's Pinon says the more serious issue is refining capacity: even if Cuba has only the low estimate of 5 billion bbl. - which could yield more than 300,000 BPD - it needs Venezuela's investment to upgrade refineries like the Soviet-built plant at Cienfuegos. But plummeting crude prices mean that Chávez may have a lot less wealth to spread around for his petro-diplomacy projects. "Like the collapse...
...Cuba really does have 20 billion bbl. to drill, however, it could more easily find other interested refinery investors, like Brazil. The question is whether the U.S. will want to step off the sidelines and get a piece of the action too. Kirby Jones, head of the U.S.-Cuba Trade Association and an embargo opponent, says Tenreyro's staff has been credible in the past, and he believes the new estimate is probably accurate. "So for the U.S., this becomes an 800-lb. guerrilla knocking on everybody's door," says Jones. "With that much oil, there would be the feeling...
That last part may well be true. But at the end of the day, U.S.-Cuba relations continue to exist in a Cold War time warp. As a result, in both Washington and Havana, 20 billion bbl. of oil might not be such a game changer after...