Word: crude
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...Supply. Within days of the outbreak of heavy fighting, oil shipments from Iraq and Iran were suspended, including crude deliveries through Iraq's pipelines to the Mediterranean. Between them, the two nations export just over 3 million bbl. per day, around 20% of gulf crude shipments, an amount that would not necessarily be critical at a time of a global oil glut. But there was the dire possibility that the Strait of Hormuz, 30 miles wide at its narrowest point, at the southern end of the gulf, might be closed because of the hostilities. Halting the flow...
...about the same time the Iraqis sent their bombers against Iranian oil facilities across the Shatt al Arab at Abadan and farther south against Kharg island, where 14 tankers at a time can load crude. At Abadan, one of the biggest refineries in the world (587,000 bbl.-per-day capacity) and the principal source of fuel for Iran's domestic needs, flames and smoke shot skyward. "There are going to be a lot of cold Iranians this winter as a result," said a U.S. diplomat monitoring the fighting. In Tehran, the government decreed that no gasoline would...
...million bbl. a day to 1.5 million. Of this, only 700,000 bbl. were being exported. Still, customers like Rumania, India and Spain, which have continued to receive shipments on the order of 150,000 bbl. a day, will now have to turn to different sources for their crude...
...military rule. Beyond the purely commemorative reasons for rejoicing, Nigerians can revel in their emergence as black Africa's richest and most powerful nation-and a rising economic force on the world scene. With daily shipments to the U.S. of nearly 1 million bbl. of low-sulfur "sweet" crude oil, Nigeria ranks as the U.S. 's second largest supplier of foreign petroleum (after Saudi Arabia). Nigeria's staggering trade surplus with the U.S. this year is expected to top $11 billion-possibly more than that of any other nation. This week Nigerian President Alhaji Shehu Shagari will...
...those surroundings of tight security and contention, the oil cartel last week was seeking to reach agreement on a long-range pricing and production strategy. Several key OPEC countries, including Saudi Arabia, want to replace the current erratic increases in the cost of crude oil with a system of regular quarterly price hikes that would be tied to the level of inflation in industrialized nations. The Saudis are also anxious to return to a unified OPEC oil price. Since last July, rates have ranged from $28 to $37 per bbl. Prior to the meeting, the Saudis hinted that they would...