Word: bbl
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Until the righting began two weeks ago, worldwide petroleum production had been exceeding demand by approximately 2.5 million bbl. per day as a result of recession in the U.S. and heightened conservation efforts in nations everywhere. World petroleum inventories now exceed 400 million bbl...
...already pinching off 3.9 million bbl. per day in exports from Iran and Iraq, and the continuing resulting shortfall will completely exhaust the surplus in about three months. To help ease the squeeze, Saudi Arabia last week temporarily boosted its own production by 900,000 bbl. daily, to 10.4 million. Hardline OPEC members like Algeria and Libya, however, have threatened to cut back their own output in order to keep the market tight...
...have already begun inching up for such high-value petroleum products as diesel fuel, naphtha and heating oil. The increase is slower than the breakneck pace that characterized the pay-any-price panic of 1979, when the spot cost of crude oil shot up from $13 to $40 per bbl. In Rotterdam, hub of Europe's volatile crude-oil spot market, small cargoes last week were selling for anywhere from $4 to $5 per bbl. above the long-term average rate of approximately $32 per bbl. that the 13-nation OPEC cartel is now charging...
Data Resources, the Lexington, Mass.-based econometric forecasting firm, estimated last week that an extended shutdown of the 4.9 million bbl. per day production in Iran and Iraq could cause a rise in world oil prices of 50% above its original projections by the end of 1981. Since petroleum prices are extremely sensitive to any long-term reduction in world oil supplies, a shortfall in Iranian and Iraqi crude could hike the contract cost of a barrel of oil from its current $32 to about...
...brokers predicted that prices for long-term supply contracts might soon follow. The spot market reacts quickly to international tensions because it is composed of prices set by traders who usually buy and sell small shipments of crude. Spot oil in Rotterdam rose from $31 to $33 per bbl. last week and very little of it was available. Said one trader: "Everyone believes that Brazil, France and Italy will have to go on the spot market to make up for oil missing from Iraq and Iran. Anybody who has spot oil is asking as much for it as possible...