Word: bbl
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...premier power in world oil markets. Said Algeria's Energy Minister, Belkacem Nabi: "We all recognize that this is a very important meeting, unique in the history of OPEC." A global oil glut has driven the spot price for Saudi Light crude to about $28 per bbl. That is well under OPEC's official benchmark price of $34 per bbl. but not low enough to suit refiners, who in the U.S., for example, are able to sell what they can make from a barrel for only $26 to $27. As delegates from the 13 member nations harangued, haggled...
Even as the negotiations dragged on, the downward squeeze on oil prices grew increasingly intense. The Soviet Union lowered the price of its crude exports to Western European customers by $1.25 per bbl., to $28, the second cut in six weeks. British Petroleum, one of the companies that pump Britain's oil, added to the pressure on OPEC by arguing that North Sea crude should be priced at least 750 per bbl. lower than Nigeria's high-quality Bonny Light. North Sea oil now sells for $30.50, higher than the Nigerian price of $30 that was set last...
...discussions in London revolved as much around questions of production as questions of price. OPEC production has dropped dramatically, probably below levels that are politically and economically feasible for most of the group's members. In 1977 OPEC nations were pumping at a rate of 31.3 million bbl. a day. Now production has dropped to only about 14 million bbl., and in spite of that the market remains squishy. Saudi Arabia has taken the brunt of the cutbacks. Its production is currently only 3.3 million bbl. a day, roughly a third of its rate of 9.6 million bbl...
...connection between price and supply was painfully obvious to all the OPEC members. High production levels will only push prices still lower. With this in mind, Algeria and Venezuela proposed making 14 million bbl. the ceiling for OPEC producers and dropping the official price only slightly, to $32. But most members were hoping for a consensus closer to 17.5 million bbl. of production and a new benchmark price of $29. Saudi Oil Minister Sheik Ahmed Zaki Yamani, realizing that the burden of a low production quota will fall on his country, rejected the proposal by Algeria and Venezuela with...
Recent OPEC history supports Yamani. A year ago, the group agreed to a production ceiling of 18 million bbl. a day. Before long, however, Algeria, Nigeria, Libya, Venezuela and Iran were all exceeding their quotas...