Word: crude
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Prices have also begun to edge up on the international spot market, where oil companies and traders buy small amounts of crude on a day-to-day basis...
Part of the reason for the higher cost of crude is dwindling oil company inventories. From January to April, energy firms drew down their stocks at a rate of anywhere from 3 million to 5 million bbl. per day. But now that the price of oil has begun to stabilize, at least temporarily, some industry analysts expect oilmen to begin replenishing their storage tanks. Energy Expert Lawrence Goldstein of the Petroleum Industry Research Foundation estimates that by autumn the non-Communist world's oil needs from OPEC will reach about 20 million bbl. per day. At present, however...
...firming international price of crude also represents an initial success for Saudi Arabia, which for the past two months has directed a high-stakes strategy to firm up the market. Saudi Petroleum Minister Sheik Ahmed Zaki Yamani had feared that a continuation of the yearlong slide in petroleum prices could destroy OPEC. Thus, at the organization's March meeting, he succeeded in winning agreement on an unprecedented package of production cuts of 700,000 bbl. per day, or 3.8% of total OPEC output...
...years ago, when the oil giant was deciding to get into the Colony development, oil was shooting toward $40 per bbl. and experts were predicting $50 oil by the mid-'80s. What has happened, of course, is that the price of crude has declined an average of $3 per bbl. during the past year. The shale-oil development that made sense economically with $50-per-bbl. oil was not a good business proposition in a world of $33 petroleum...
...Thirty percent of Union's shale-oil production will be refined into jet fuel, and 70% will be made into diesel. The Government has agreed to pay $42.50 per bbl. of the product, plus automatic increases that will be tied to inflation, no matter what happens to world crude oil prices. This would channel up to $400 million to Union in price guarantees during the first seven years of the contract, not far from the $550 million it will have spent on the project...