Word: bbl
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...consequence of the organization's past excesses. By not curbing the price-gouging tactics of hard-liners such as Nigeria, Libya and Algeria, OPEC has pushed up the cost of crude by almost 90% in the past two years, to an average price in excess of $34 per bbl. That rise has fanned inflation and cut economic growth around the world. More important, it has led businesses and individuals to reduce consumption and start looking to such alternative energy sources as coal, natural gas and solar power...
While global demand has been slipping, OPEC'S share of the market has also been diminishing. Mexico, Britain and other non-OPEC producers have increased their output and become more significant in the world oil trade. From a production level of 31 million bbl. per day in 1979, OPEC's output has dwindled by nearly one-third, to little more than 21 million bbl. daily, its lowest rate since the 1960s. One sign of OPEC's declining clout came last week, when the U.S. Government signed a five-year contract to buy some 110 million bbl...
...biggest losers from these changes in the world energy market are three of OPEC'S leading price hawks: Libya, Nigeria and Algeria. These countries have steadfastly forced customers to pay as much as $40 per bbl. Since April, output in Libya has dropped by nearly 60% to 750,000 bbl. daily. The decline has been steep as well in Nigeria and Algeria. Both nations have limited petroleum reserves but large populations and ambitious economic development programs that they hope to pay for with the income from oil exports...
...force down the prices charged by OPEC's hardliners, Saudi Arabia since last October has been pumping upwards of 10.3 million bbl. per day of crude, or 20% more than normal, and selling it for a base price of $32 per bbl., the lowest available from any OPEC member. The result: a temporary worldwide miniglut that has swelled inventories in the consuming nations and put pressure on oil exporters to cut prices...
...start of last week's Geneva meeting, oil experts believed Saudi Arabia's tactics had paid off and that a behind-the-scenes compromise deal had been cooked up. The purported agreement: the Saudis would raise their price to $34 per bbl., while the rest of OPEC would drop down to match it. In return, Saudi Arabia would cut production to about 8.5 million bbl. daily, thereby tightening the market and helping to support the new price...