Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...state capitol in Oklahoma City has gone dry. Nicknamed Petunia when drilled in a flower bed in 1942, the well and the derrick atop it became a symbol of Oklahoma's boom times. Drawing from an oil pool directly beneath the capitol, Petunia pumped some 1.5 million bbl. during its 43 years...
Once again, a stunning shift in the price of oil sent tremors around the globe. Yet unlike the jolts that staggered the world economy in the 1970s, last week's quake caused prices to crash rather than climb. On Tuesday oil dropped below $20 per bbl. for the first time in seven years. Said Charles Maxwell, an analyst with the Cyrus J. Lawrence brokerage house near Wall Street: "This is one of the most important days in the oil markets in a decade." Since November, the price of petroleum contracts has plunged about 40%, including an 18% drop last week...
Last week Sheik Ahmed Zaki Yamani, the Saudi oil minister, issued a stern warning. Without a new agreement to curb production, Yamani said, "there will be no limitation to the downward spiral that may bring crude prices to less than $15 per bbl., with adverse and dangerous consequences for the whole world economy." The threatening words pushed prices into a free fall. North Sea oil dropped to $17.70 per bbl. before recovering a bit to finish the week...
...anticipated 1986 earnings, and the country may not be able to stand much more. "Falling oil prices will have an impact on a Mexican budget that is already stretched to the limit," says Economist Rogelio Ramirez de la O. He estimates that a sustained price of $20 per bbl. for oil would cause the Mexican economy, which is still suffering the financial effects of last year's earthquake, to show no growth...
...declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge of $3.51, to $25.23 per bbl. Some traders lost millions of dollars overnight. "It was the oil market's 1929. It was catastrophic," said Peter Beutel, a petroleum specialist for Manhattan's Rudolf Wolff Futures...