Word: bbl
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...dreams will come true. A day after the Senate vote, at a meeting of the OPEC cartel in Geneva, the Saudis went along with a pricing agreement that would lower the top prices charged by some members but would also increase the cost of Saudi crude by $2 per bbl. In the eyes of some radical Arab states, the AWACS deal does not indicate that friendship with Washington pays off in tangible security gains, but that the Saudis are becoming pawns...
...stand at about 19 million fewer barrels than they did a year ago at this time. No oil glut promises to come to the rescue if supplies grow tight during the winter. Indeed, the cushion of excess inventory over normal levels dropped during the summer from 500 million bbl. to roughly 200 million bbl. or so by last month. Energy Analyst Constantine Fliakos of Merrill Lynch now warns that supply and demand could be in actual balance before the end of the year...
...price picture only adds to the uncertainty. Since December of last year, international prices have ranged from Saudi Arabia's low of $32 per bbl. to Libya's and Algeria's $40 per bbl. Last week the 13-nation Organization of Petroleum Exporting Countries announced that it was calling a special meeting for this week in Geneva. Out of it could come an agreement by the Saudis, who pump almost half of OPEC's total production, to raise the price of their crude by $2, to $34 per bbl., re-establishing that...
...fighting continues to take an enormous economic toll. Iraqi oil production has dropped to an estimated 900,000 bbl. per day, one-third of prewar levels, as Iranian jets have bombed storage and production sites. Iran is now pumping only about 1 million bbl., down from an average of 1.6 million bbl. per day just before...
...monopoly on political power in Mexico for 52 years. The real surprise was the stepped-up scheduling for Lopez Portillo's announcement, which may mean that the patrician author-statesman has come to realize that he is in deep political trouble. Despite a booming economy and 72 billion bbl. of proven oil reserves, Mexico has been spending money so fast that the country faces a balance of payments deficit of as much as $.10 billion this year. On the diplomatic front, Lopez Portillo greatly irritated the Reagan Administration in August when, along with France, Mexico recognized the Marxist insurgents...