Word: bbl
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...about 100 days' supply in the non-Communist world. Aside from the high inventories, there is also considerably less demand because of the global recession. Before the Persian Gulf war, according to British Energy Secretary David Howell, free-world production was exceeding consumption by about 2.5 million bbl. a day. The excess had resulted in a general agreement by the Organization of Petroleum Exporting Countries at their Vienna meeting two weeks ago to slash output by 10%. "My understanding is that the [OPEC] agreement is now on ice," Howell said in Washington last week, meaning that the other OPEC...
Only a few buyers will actually miss Iran's supplies. Under the Shah, the country was the second largest OPEC producer after Saudi Arabia; but lack of maintenance, spare parts and skilled workers since the revolution cut production from a 1974 peak of 6 million bbl. a day to 1.5 million. Of this, only 700,000 bbl. were being exported. Still, customers like Rumania, India and Spain, which have continued to receive shipments on the order of 150,000 bbl. a day, will now have to turn to different sources for their crude...
...loss of Iraq's supplies is more serious. Exports averaged more than 3.2 million bbl. a day, representing 11% of OPEC's total, the biggest production after Saudi Arabia's. The major victims of the cutoff now will be Brazil, which has depended on Iraq for 45% of its oil needs, Japan (30%) and France (23%). With the noncombatant OPEC nations probably making up the shortfall, there may be some scrambling for supplies, but it still should not be too difficult for consumers to buy all they need...
...more than a decade of military rule. Beyond the purely commemorative reasons for rejoicing, Nigerians can revel in their emergence as black Africa's richest and most powerful nation-and a rising economic force on the world scene. With daily shipments to the U.S. of nearly 1 million bbl. of low-sulfur "sweet" crude oil, Nigeria ranks as the U.S. 's second largest supplier of foreign petroleum (after Saudi Arabia). Nigeria's staggering trade surplus with the U.S. this year is expected to top $11 billion-possibly more than that of any other nation. This week Nigerian...
...relative steadiness in financial markets was based on a widespread belief that the fighting in the Persian Gulf would be of limited duration and would not seriously interrupt or reduce the petroleum flow. The world currently has a comfortable 2 million to 3 million bbl. per day oil-production surplus, and in the short run, other OPEC nations could make up the loss of crude exported by Iran and Iraq...