Word: bbl
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...company inventories around the world are now swelling with a surplus of excess production that oilmen estimate may amount to as much as 1 million to 2 million bbl. of daily output. The situation is particularly pronounced in the U.S., where petroleum consumption dropped by 5.2% in the first quarter, after declining by 8% last year...
Small refiners, however, are in more serious trouble. These companies, known in the industry as teakettle refiners because they have operations of less than 30,000 bbl. a day, have sprung up since the mid-1970s to take advantage of Government subsidies built into the oil price controls that President Reagan abolished in late January. Without those federal subsidies, many small refineries cannot make a profit. About 40 such firms have already shut down along the Gulf Coast, and more closures are likely to follow...
Faced with large supplies and low sales, oil companies are paying lower prices for crude or refusing to buy it. Standard Oil of California, which markets under the Chevron brand, Phillips Petroleum and Marathon Oil have all announced that they are cutting by $1 per bbl. the amount they will pay for certain grades of domestically produced crude. Atlantic Richfield has reduced purchases from Nigeria by 60,000 bbl. a day, and industry experts say that Ashland Oil has indefinitely suspended purchases of some 90,000 bbl. a day of crude from Mexico, along with another 17,000 bbl. daily...
...weak oil market is now putting OPEC on the spot. During 1980, the cartel's production dropped to nearly a decade low of 27 million bbl. a day, even though Saudi Arabia, the group's single biggest producer, has since last autumn been pumping daily almost 2 million bbl. over and above its self-imposed output ceiling of 8.5 million bbl...
...oiler, usually someone hired to drain the saltwater tank, pumps out the crude and carries it away. He trucks it to an oil reclaimer, whose business is buying and processing sludgy, low-grade oil. The hot oiler sells his load to the reclaimer for about $15 per bbl., well below the legitimate market price...