Word: glutted
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...recent world oil glut may be holding down energy costs in the United States, but that doesn't mean Harvard is slowing down its efforts to drastically cut back energy consumption...
With a worldwide oil glut estimated to exceed 5 billion bbl. of crude, OPEC is making its first attempt ever to firm up prices by reducing production. But the 13 members voted to curtail output by only 9.6%, or some...
Saudi Arabia, which produces 40% of OPEC's oil, holds the key to any agreement that would keep prices from plunging still further. The Saudis could dry up the supply glut singlehanded by slicing their output, now at about 7.5 million bbl. per day, to 5 million bbl. But the House of Saud cannot go below 6.2 million bbl. per day without dipping into capital reserves to finance a variety of ambitious construction and industrialization plans. The Saudis are also reluctant to step out on a limb within OPEC. Says Lawrence Goldstein, research director of the Petroleum Industry Research...
Americans did not have to do it. The law of supply and demand was doing everything for them. A growing glut of world oil supplies was driving down the cost of crude and the price of gasoline. Robert O. Anderson, chairman of Atlantic Richfield, told a group of TIME editors last week: "The drop in the past two months is the largest drop in the history of oil prices. We really have a moment in the industry that is without parallel...
...last October. The Saudis have trimmed production to about 7.5 million bbl. daily from a high of 10.5 million last summer, but experts feel that they would have to cut output to 7 million or even 6 million bbl. to dry up the glut and stop the slide in prices. Sheik Zayed Bin Sultan al-Nahayan, President of the United Arab Emirates, reportedly was in Saudi Arabia last week in an at tempt to persuade King Khalid to send a delegation to the OPEC meeting...