Word: bbl
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...cents, although some grades will drop by more than $1. It was only the second price cut in the organization's 25-year history. The first came in March 1983, when sliding world crude prices forced OPEC to mark down its Arab Light benchmark crude by $5 per bbl...
Norway, a non-OPEC oil producer, touched off the cartel's current troubles last October by cutting the price of its North Sea crude by $1.50 per bbl., to $28.50. Britain quickly followed Norway, which inspired OPEC member Nigeria to undercut both competitors and sell its oil for $28. OPEC tried to brake the price slide in October by reducing the output quota for its members from 17.5 million bbl. a day to 16 million in hopes that lower supply would mean higher prices. At the time, the group predicted confidently that as soon as oil refiners began building their...
...Japanese Ministry of International Trade and Industry can be tough. Ask any American businessman. In fact, ask any Japanese businessman. Taiji Satoh, 31, last year saw that gasoline in Singapore cost far less than it did in Japan, so he signed a contract to import 18,860 bbl. for his Lions Petroleum Co., which is based near Tokyo. But MITI had other ideas. The ministry had previously ruled that only crude oil, not gasoline, may enter Japan. Refining is done domestically. When word of Satoh's purchase got out, MITI Minister Keijiro Murata sent him an "advice" that bluntly warned...
...victims. Four days after a series of Iraqi air strikes against shipping in the strategic waterway, Iranian jets rocketed the Indian supertanker Kanchenjunga, destroying the vessel's bridge. The crew was able to bring the resulting fire under control, and the 276,744- ton ship, laden with 1.4 million bbl. of Saudi crude, headed for Dubai for repairs. The following day Iranian aircraft scored two hits on the 238,959-ton Spanish tanker Aragon. Though damaged, the vessel continued its journey...
...Methodist Church (congregation: 170) in southern Illinois has long relied on the collection plate for its modest income. But all that changed this year when a tract of farm land, which had been willed to the church nearly 30 years ago, began spewing oil at the rate of 165 bbl. a day and producing $10,000 royalty checks for the church every month. Since then the membership has been arguing over God's intentions for the money...