Word: bbl
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...other members threatens the group's strength by producing too much crude oil or selling it at a discount, the Saudis are usually the first to scold. Thus Saudi Arabia has perplexed the global oil industry this summer by boosting its output by 1 million bbl. a day beyond the country's voluntary quota of 4.5 million bbl. The extra crude has aggravated the world's surplus of oil and triggered a dramatic slide in prices. The situation again threatens OPEC's power to control the cost of crude. In March 1983, the countries were forced...
Hard economic realities have contributed to Tehran's apparent change of heart. Iran suffers from a serious balance of payments deficit. The country has had to discount its oil prices by between $2 and $5 per bbl. in order to lure tankers into gulf waters. Members of the Genscher delegation who had visited the Iranian capital before the revolution noticed a decline in the standard of living. Buildings that had been under construction five years before stood half finished...
Three years ago, OPEC was a global oil power whose $35 price per bbl. of crude meant nightmarish gasoline prices and stagnant economies for the industrialized world. But along with staggering energy costs came recessions and conservation measures that whave resulted in a worldwide oil glut. Last week the 13 members of OPEC 1 gathered in Vienna and struggled to hold onto their bench-mark price of $29 per bbl. and a production ceiling of 17.5 million bbl. a day that they established in March...
...ministers may have to live with the glut for a while longer. Quota cheating by the small Persian Gulf states and price discounting by Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity...
...winter. That, in turn, resulted in the production of more gasoline; two gallons of gasoline are produced whenever a gallon of heating oil is refined. The excess fuel went into storage tanks and is now helping to depress prices. The U.S. has gasoline stocks amounting to 250 million bbl., fully 13% more than at the same time last summer...