Word: glut
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Dates: during 1980-1989
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...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 of the supertankers that steam through the passage would have a devastating ripple effect (see following...
Nonetheless some oil experts warned that the 100-day supply of crude around the world could quickly evaporate. Two years ago, there was also an international oil glut, but that was quickly gone after the upheavals in Iran resulted in lower production in that country. Much of the so-called glut is oil needed to fill the complex transportation and refining network, and a decline of as little as 7% could touch off emergencies...
...have ranged from $28 to $37 per bbl. Prior to the meeting, the Saudis hinted that they would be willing to cut their production from 9.5 million bbl. per day to 8.5 million, if agreement could be reached on a unified price. This would have eliminated the current world glut of oil that has been pushing down the price of OPEC crude for the past four months...
Instead the tribunal concluded that during the years 1975-78, when Nigerian crude was not selling well because of a short-lived world oil glut, the three oil companies, which pump approximately 80% of Nigeria's normal production of some 2 million bbl. daily, had cut back production, at the government's request, to an average of about 1.7 million bbl. a day. Traditionally, the companies had been splitting their production on a 45%-55% basis with the government, for daily liftings of about 1 million bbl. of crude. In order to stay at that level, the companies...
This year's ample oil supplies, however, are uncomfortably reminiscent of the situation two years ago. In 1978 the major oil companies faced a temporary glut of crude, and they cut down their reserves to save on storage costs. But then the Iranian revolution quickly turned a winter of abundant energy into a summer of frightening shortages...