Word: bbl
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...marijuana will be pulverized and blown into the plant's furnaces, which now burn either natural gas or oil. Company officials figure that each ton of pot equals 2.7 bbl. of oil and will produce 2,000 kilowatt hours of electricity-only a tiny fraction of the plant's daily output, so pot power will not significantly reduce customers' bills. Officials also believe that smoke from the generator's 350-ft. stack will not turn on passersby. But just to be sure, they plan to conduct test burns. Until then, the Miami News last week advised...
...Supply. Within days of the outbreak of heavy fighting, oil shipments from Iraq and Iran were suspended, including crude deliveries through Iraq's pipelines to the Mediterranean. Between them, the two nations export just over 3 million bbl. per day, around 20% of gulf crude shipments, an amount that would not necessarily be critical at a time of a global oil glut. But there was the dire possibility that the Strait of Hormuz, 30 miles wide at its narrowest point, at the southern end of the gulf, might be closed because of the hostilities. Halting the flow...
...about the same time the Iraqis sent their bombers against Iranian oil facilities across the Shatt al Arab at Abadan and farther south against Kharg island, where 14 tankers at a time can load crude. At Abadan, one of the biggest refineries in the world (587,000 bbl.-per-day capacity) and the principal source of fuel for Iran's domestic needs, flames and smoke shot skyward. "There are going to be a lot of cold Iranians this winter as a result," said a U.S. diplomat monitoring the fighting. In Tehran, the government decreed that no gasoline would...
...cost of crude oil with a system of regular quarterly price hikes that would be tied to the level of inflation in industrialized nations. The Saudis are also anxious to return to a unified OPEC oil price. Since last July, rates have ranged from $28 to $37 per bbl. Prior to the meeting, the Saudis hinted that they would be willing to cut their production from 9.5 million bbl. per day to 8.5 million, if agreement could be reached on a unified price. This would have eliminated the current world glut of oil that has been pushing down the price...
After three days of charges, threats and bluffs, the oil ministers hammered out a shaky compromise. The Saudis agreed to raise their price from $28 per bbl. to $30, while the other OPEC members said that they would freeze theirs at existing levels, which average about $32. The Saudis, however, also announced that they will continue to produce 9.5 million bbl. per day, thus maintaining the market pressure for lower prices. The proposed quarterly increases of oil prices will be discussed further at a 20th anniversary summit meeting of OPEC countries in Baghdad in November...