Word: bbl
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...adopted a so-called poison-pill provision to ward off raiders who might be tempted to try a takeover in view of the dip in Texaco stock. And one hour before going to court on Tuesday, Texaco offered to sell Pennzoil at 1984 prices the 1 billion bbl. of oil and gas reserves that it had originally wanted to buy from Getty. Liedtke called the offer "silly...
...with customers focused on a complex "netback price" arrangement, under which sellers effectively charge the market rate for oil rather than the officially posted price. As a rough rule of thumb, the system could net the Saudis $2 to $2.50 less than the established OPEC price of $28 per bbl. While Middle East oilmen could not confirm last week that the Saudis had signed any such agreements, trade sources elsewhere said that the U.S. oil giants Exxon, Mobil and Texaco would buy some crude under the discount system...
...main beneficiary of any Saudi price cuts will be the Riyadh treasury. While lower crude-oil rates will mean fewer dollars per bbl., they could trigger an increase in sales. That would pump badly needed cash into a nation that has seen its foreign currency reserves drop by some $20 billion in the past year, to less than $100 billion...
...Organization of Petroleum Exporting Countries, Saudi Arabia has been its derrick of strength. But the oil industry churned last week with rumors that the rich kingdom has finally grown weary of that role. After trying to fight a global glut by cutting its output from 10.3 million bbl. per day in 1981 to about 2 million bbl. per day currently, Saudi Arabia now appears eager to move its merchandise again. Traders believe the country will try to double its sales by quietly offering price cuts that could include a $3-per-bbl. drop for its Arab light crude...
...OPEC meeting in Geneva from July 22 to June 30. By that time, ! the group's predicament may be even worse. No sooner had the Taif session broken up than Britain announced that it was lowering the price of its high- quality North Sea Brent crude by $1.25 per bbl...