Word: bbl
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...spirit of unity in OPEC would lead to a boost in crude prices. But the cartel is still fueled more by friction than by fellowship, and oil prices are plunging. Last week the cost of West Texas Intermediate, the benchmark grade of U.S. crude, dropped 4%, to $14.18 per bbl. -- its lowest level in nearly two years. Reason: although OPEC agreed last month to hold daily output to 15 million bbl., some 20 million bbl. are flooding the market each day. Among those exceeding their quotas are Iraq, Kuwait, Saudi Arabia and the United Arab Emirates. If Iran and Iraq...
...crude beneath the streets of Paris, using noisy trucks equipped with seismic scanners to chart geologic formations below the Champs Elysees, the Arc de Triomphe and other hallowed landmarks. But last week Elf-Aquitane, one of France's national oil companies, announced that it had recovered an encouraging 27 bbl. of oil from a 6,500-ft.-deep well about four miles from the heart of Paris...
...Iraq and the other members of the Organization of Petroleum Exporting Countries. Such thinking caused the price of oil futures to seesaw violently last week. The price of a barrel of West Texas crude jumped 84 cents, to $15.70, when Iran first proposed peace, then plunged 47 cents per bbl. the next day, after Iraqi fighters bombed Iranian targets...
...Beutel, an oil-market analyst for the Manhattan commodities firm Elders Futures, Inc. Another variable is Saudi Arabia's strategy, says G. Henry Schuler, an energy specialist at the Center for Strategic and International Studies in Washington. Schuler points out that in 1987, when oil sold for $20 per bbl., Riyadh increased its production to drive down the price and deprive Iran of its war chest. "But once the war is over, then the Saudis don't have any reason to keep prices down," he says. Schuler's prediction: oil could jump to $22 to $24 per bbl...
...which produced 140,000 bbl. of crude a day, along with natural gas, had been in operation since 1976 and was one of the oldest of the 123 fixed platforms in the British exploration area of the North Sea. Some experts cited equipment failure or metal fatigue as possible causes of the disaster. One widely held view was that there had been a leak in the natural-gas compression apparatus and that ignition had occurred through some kind of mechanical failure...