Word: bbl
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...meeting was far different from any in nearly two years. Instead of long and bitter talks that ended in a deadlock over the price they should charge for oil, the OPEC ministers needed just nine hours and ten minutes to agree on a new base price of $34 per bbl., $2 more than the current rate for Saudi Arabian light crude but $2 less than the bench-mark level they have been using as a pricing guide since last December. Moreover, the oil producers said that the price would remain at that rate through...
...Libya, which last January were demanding $40 and more for a barrel of their precious product, have been forced to cut rates in an effort to unload their crude. Nigeria slashed its prices twice, during the summer and autumn, to $34.50. Libya reduced its price by $1 per bbl., but sales still dropped by 60%. Underscoring the weakness in the world market, the big U.S. oil companies last week reported sharp profit drops for the period from July through September. Exxon's earnings fell 21%, Standard Oil of California had a 16% decline, and Mobil's profits slumped...
...since other producers would not agree to Saudi demands, that country has attempted to drive down the cost of crude by flooding the market with oil priced at less than the standard OPEC level. Until September of this year, Saudi Arabia had been producing as much as 10.3 million bbl. per day, or nearly 2 million more than...
...very quickly last week that Saudi Oil Minister Sheik Ahmed Zaki Yamani had finally won his test of will with the other OPEC members. They agreed to drop the bench-mark price of crude by $2, and Saudi Arabia indicated that it will lower production immediately from 9.3 million bbl. per day to 8.5 million bbl. The only real disagreement at the session was over the various premiums that members could charge for their crude in addition to the new base price. Algeria and Libya, for example, will be permitted to demand $4 per bbl. more for their crude, while...
...without worrying about runaway energy costs. Indeed, the real price of oil will probably drop over the next 14 months because of general inflation. Says New York Oil Analyst John Lichtblau: "Just to keep up with inflation this year, the marker crude would have to go to $36 per bbl." The long-range outlook for oil prices is more uncertain. If the world economy picks up in 1982, demand for oil would increase, and some individual OPEC members could decide to try pushing up the cost of crude once again...