Word: oilmen
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Supply problems will be real enough for the oil companies that must abide by the Iranian embargo or risk losing their deliveries altogether. Because not every refinery can process all grades of crude, oilmen face logistical headaches in trying to switch about their Iranian and non-Iranian supplies. That is especially true for the four American companies providing nearly all of the 700,000 or so barrels of Iranian oil that until last week had entered the U.S. each day. Amerada Hess, the largest single supplier, delivered about 200,000 bbl. of the total. Much of it was processed...
...Oilmen are fearful that Iran will soon go a step further and simply cut back its production by a flat 700,000 bbl. With the world market tight, any such reduction would push up prices sharply, especially for single shipment cargoes that are sold on the so-called spot market, where more and more of the world oil trade now takes place...
Shouting against the windfall profits tax, oilmen tirelessly contend that higher earnings will motivate them to search harder for oil and gas. Sure enough, as oil profits have marched up this year, so has domestic exploration. Steel drilling rigs, eight and ten stories high, are rising at muddy, cluttered sites from the Rocky Mountain foothills to Louisiana's Cajun country. Although domestic production is not expected to rise in years ahead, the new activity will keep it higher than it otherwise might have been. And there is always the possibility, however slight, that oilmen may get lucky and strike...
Higher prices have persuaded oilmen to return to and redrill wells in the Williston Basin of North Dakota and eastern Montana, an important producing area in the 1950s. They are also exploring for oil in the Overthrust Belt, which runs down the Rocky Mountains, and they are going after gas in Oklahoma, the Texas Panhandle and central Louisiana. Across the country, small "stripper" wells and others that once would have been abandoned as uneconomic are being kept open...
...price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot market. Meanwhile, Saudi Arabia was hinting strongly that early next year it will cut as much as 1 million bbl. a day from its production of 9.5 million bbl., and Kuwait and Nigeria were also considering reductions...