Word: bbl
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...announce that the cartel had ended its longest meeting ever. After 17 days of bitter wrangling, OPEC had agreed to renew its two-month-old pact to keep oil production down in an effort to push up prices. The group intends to hold daily output to 17 million bbl. a day, up only slightly from the current 16.8 million bbl...
...Sabah and his Saudi Arabian counterpart Sheik Ahmed Zaki Yamani. Kuwait and Saudi Arabia, OPEC's two richest members, had insisted on bolstering their production by some 10%. In the end, Saudi Arabia accepted no increase for itself and instead offered to donate its share of the 200,000 bbl.-a-day production hike to Kuwait...
...Offered Rate, a benchmark international interest rate, has been trimmed to .81%, down from as much as 1.5%. Lower interest costs will save Mexico $300 million a year. An especially innovative part of the plan is the provision that if the world price of oil drops under $9 per bbl. and Mexico's economic growth falls below a 3.5% annual rate next year, the IMF and commercial banks will make available up to $2.4 billion in additional loans...
...potentially more serious inflation threat is a rebound in the cost of oil. Since the members of the Organization of Petroleum Exporting Countries agreed in early August on a new pact to reduce production, oil prices have jumped from $11.55 per bbl. to more than $14. But the OPEC agreement expires on Oct. 31, and it is not at all certain to be renewed...
...attack rattled international oil markets and maritime insurers. Although the Sirri terminal returned to partial operation a day later, the strike stirred fears that Iran's 1.6 million-bbl.-a-day oil production, most of which passes through the facility, might be in jeopardy. In New York City some oil prices jumped by 6.67%. In London, insurers at Lloyd's, through which many tankers have coverage, doubled rates for ships traveling to the island...