Word: bbl
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Though a communiqué at the close of the two-day gathering asserted that a "majority" of the organization's members had agreed to a 10% production cut along with a price freeze in the range of $36 to $41 per bbl. until January, the agreement had no practical effect. Neither Saudi Arabia, OPEC's largest single producer, which accounts for more than 40% of the group's daily output, nor Iran and Iraq, two of the other major suppliers, agreed to the production-cutting provision. All the cuts will have to be carried...
...been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from $41 per bbl. to no more than...
...slumping in part because the sky-high cost of crude has made consumers far more conscious about conservation than almost anyone had thought possible. In the U.S., consumption has dropped by 6.2% from year-earlier levels, and imports have slumped by more than one-fifth, to about 5.4 million bbl. daily...
...were further brightened during the week by the release of an unexpectedly optimistic Central Intelligence Agency assessment of Soviet oil production potential through the 1980s. Four years ago, the agency had predicted that growing Soviet need for oil would force that country to import as much as 3.5 million bbl. daily from non-Communist suppliers by the mid-1980s, thus placing grave new strains on the world petroleum market. But last week the agency contradicted its original assessment of Soviet production capacity and revised the estimates upward, suggesting that the Soviet Union will remain self-sufficient in oil until...
...soon: implantation of an artificial heart. The challenge is formidable, since the heart is one of nature's masterpieces. The fist-size organ beats 100,000 times a day, and over a lifetime pumps enough blood through the 60,000-mile circulatory system to fill 13 million bbl. The Utah heart, dubbed the Jarvik 7 for its designer, Robert Jarvik, is made of plastic and aluminum and powered by electricity. The implant operation will be performed by Utah Surgeon William DeVries. He will cut away the heart's lower chambers (the ventricles), leaving the upper ones (the atria...