Word: bbl
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With a worldwide oil glut estimated to exceed 5 billion bbl. of crude, OPEC is making its first attempt ever to firm up prices by reducing production. But the 13 members voted to curtail output by only 9.6%, or some 700,000 bbl...
...deal, OPEC's total daily output is expected to drop from the early March level of 18.2 million bbl. to 17.5 million bbl. Some 500,000 bbl. of the cut will be sustained by Saudi Arabia, the cartel's largest single producer, with the remaining 200,000 bbl. being spread among other members. The group agreed to review its pricing and production arrangements in several weeks, when the organization's members gather for a previously scheduled spring conference in Quito, Ecuador. Said OPEC President Mani Said al-Oteiba of the United Arab Emirates: "If need...
Whether OPEC's price-propping ploy succeeds will depend on the willingness of members to abide by the agreement. In the past two years, weakening worldwide demand for oil has driven down the spot-market prices for crude until they were about $6 per bbl. below the official OPEC benchmark price of $34 per bbl. If prices continue to slide, cash-hungry producers such as Algeria, Venezuela and Nigeria will be tempted to offer under-the-table deals to potential customers in order to take sales away from other cartel producers. To monitor compliance, OPEC decided...
...OPEC state that is already selling oil at a discount is Iran. The Tehran government's prices range from $30 to $32 per bbl., but the revolution-racked regime is having difficulty producing enough oil to export. Before the fall of the Shah in 1979, Iran was the second largest producer in OPEC after Saudi Arabia...
...prices will be the state of Western economies. Demand for oil is naturally less when business is slow and factories are idle. The deep U.S. recession and conservation efforts have driven American demand for petroleum products down by 6% in the past twelve months alone, to 15.9 million bbl...