Word: bbl
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...have any plans to cut production back to the 8.5 million bbl. per day level that existed prior to the Iranian revolution...
Until recently, bulging worldwide inventories in the oil-importing nations acted as a brake on rising prices. But the war between Iran and Iraq, which has cut total OPEC production by about 3.5 million bbl. per day, has created pressure for higher prices. Repeated bombings and shellings have reduced to rubble the refineries and export facilities in the two countries, and experts believe that it would take up to a year after hostilities ended before normal export levels could be resumed...
...companies have become reluctant to draw down their inventories. As a result, prices have begun to rise for both crude and a variety of refined products like heating and diesel oil and gasoline. The little oil now being sold on the spot market is commanding about $40 per bbl. The price of heating oil on the East Coast is expected to increase from about $1 per gal. to perhaps $1.25 per gal. by early next year. Those rising prices are themselves encouraging cartel members to seek crude oil increases, thus intensifying the vicious circle of spiraling prices...
...your oil companies act responsibly and start drawing down these stocks to head off unnecessary panic, I think you'll get through this winter without price increases like those in 1979. If you keep stocks at present levels, the price will go up to at least $60 per bbl...
...understand that the damage to the Iraqi installations is not that bad. It appears that Iraq could pump at least 1.6 million bbl. per day early next year. The Iranians probably much less...