Word: bbl
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...prospect of coal shortages and power cuts this winter. The threat angered the government. "I find it difficult to understand, and I think many members of NACODS will find it difficult to understand, why the strike has been called," complained Thatcher. The NACODS action, together with the $1.35-per-bbl. drop in North Sea oil prices, caused near panic in British financial markets; the pound sank to $1.18, its lowest point in history against the dollar, and the London stock market recorded its sharpest one-day fall ever...
...faltering and raised the specter that the U.S. might be headed for a new recession. But at the same time, interest rates dipped, lifting hopes that the recovery will gain new pep. On top of that, Britain cut the price of its North Sea oil by $1.35 per bbl. to $28.65, and Nigeria followed with a $2 reduction to $28. The breaks in oil prices and interest rates sparked an explosive rally on Wall Street...
...markdown mania took off as suddenly as a price war on computers or toasters. But the merchandise that went on sale was crude oil. Early last week Norway's state oil company triggered a chain reaction among petroleum exporters by offering its $30-per-bbl. North Sea crude for $28.50. Two days later Britain, a much larger producer, followed suit with a $1.35 cut on its Brent crude, to $28.65. For oil exporters the events were ominously familiar. When Norway and Britain officially discounted their oil in February 1983, the move forced the Organization of Petroleum Exporting Countries...
...economic impact last week in Britain was sharp and swift. The $1.35-per-bbl. price cut will diminish the government's $13 billion annual oil revenues by about 5%. On the day of the announcement, the British pound fell to a record low of $1.19. Shaken by the skidding currency and a possible worsening of the country's coal miners' strike, traders on the London Stock Exchange sent the Financial Times industrial share index to its steepest one-day loss in history...
...less expensive, heavy crude. Thus the so-called sour oil is getting a larger share of the market, and its price has been holding firmer. In the past few weeks Saudi Arabia has boosted its exports of heavy crude, which it sells for as little as $26 per bbl...