Word: bbl
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...togetherness was an indication of growing dismay among many of the world's major oil-producing countries, as they seem unable to halt a major price war that has dramatically depressed the value of their most important product. The war, caused by a surplus of some 2 million bbl. of crude oil a day flooding onto world markets, showed no signs of abating last week. The spot price of oil, which two weeks ago fell through the $20-per-bbl. barrier for the first time in seven years, closed last week at about...
...greatest pain of adjustment focuses on the high-debt, industrializing oil producers, led by Mexico, which has a foreign debt of $96.4 billion. Last week Mexico slashed its crude-oil prices by an average of $4 per bbl. The move, which will cost the country close to $2.2 billion in revenues this year, comes at a tense moment. Earlier in the week in Mexico City, tens of thousands of workers and students marched through the center of a capital still marred by last September's disastrous earthquake to protest the belt-tightening economic policies of the De la Madrid government...
...producers in the American Southwest face gusher-size troubles of their own. In Texas, the center of the U.S. oil industry, government analysts estimate that each $1-per-bbl. drop in prices will cost the state 25,000 jobs and $100 million in revenues. The declines make it less rewarding for companies to drill and develop wells. Local banks could suffer greatly if the fall continues. Says Frank Anderson, director of financial research for Weber, Hall, Sale & Associates, a Dallas brokerage: "The real problem will come if the contract price gets to $15 per bbl. and stays there...
...state's already depressed oil production and could whack $50 million more out of a government budget that is now running a $197 million deficit. Oilmen fear that the declines could shut most of Oklahoma's 50,000 stripper wells, small units that individually produce no more than 10 bbl. per day but together account for the bulk of the state's petroleum output...
...observer who thought the decline would quickly end, others expected it to continue. "Prices could fall so much more that it's scary," said Philip Verleger Jr., a Washington-based energy analyst. "If it's left up to the Saudis alone, prices could drop to $5 to $10 per bbl. if they make no effort to keep their production in check." For Yamani, the crunch could come in the spring, when demand traditionally slackens. If no production agreement is reached by then, $20 per bbl. could seem like a high price...