Word: bbl
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...have already been pushed to the brink of bankruptcy to pay higher oil bills. OPEC producers are already wary of exchanging their increasingly valuable but declining resources for inflated dollars or for overseas plants and real estate that could be seized. With importing countries expected to demand 33 million bbl. per day from OPEC by the year 2000, some 10% more than in 1978, Levy sees prices soaring, production decreasing and disaster for world economies...
...already making political patsies of some importing nations. Saudi Arabia is now using its muscle to try to buy U.S. offensive weaponry for its F-15 fighters. Denmark last month signed a contract for 20,000 bbl. of oil per day that forbids Danes to take any action that would "bring the kingdom of Saudi Arabia or any of its departments into disrepute." This could mean a Saudi veto power over something like showing the controversial film Death of a Princess, or even over Danish foreign policy...
...Soviet Union, like the U.S., faces serious energy problems in the 1980s. The U.S.S.R. is by far the world's largest oil producer (11.9 million bbl. per day, vs. 9.5 million bbl. for Saudi Arabia). Nonetheless, in the view of many Western energy analysts, the Soviet Union will soon run into a petroleum bind even though the country is an Eden of energy riches...
...more than a century, and the U.S. has been forced to rely on imports for half its oil because it has simply outgrown its readily available reserves. The Soviets, on the other hand, still have enormous amounts of oil in the ground, with estimated proven reserves of 67 billion bbl. of oil, compared with 26 billion for the U.S. and 166 billion for Saudi Arabia. But even though Moscow planners are not hindered by environmental protest groups or disagreements between government and industry, they have greater trouble finding the oil, getting it out of the ground and, finally, transporting...
...subject of widespread discussion. The CIA, in a controversial and criticized report in 1977, predicted that the Soviets would have to start importing petroleum before 1985. The CIA updated that study last year and said that Soviet oil output could fall as low as 8 million bbl. in 1985. If this view is accurate, the Soviet Union will soon have to halt its lucrative oil exports, including 129 million bbl. to such Western nations as Italy, West Germany and Austria. Last year petroleum was the largest Soviet export, with about $6 billion in precious foreign exchange coming from Western Europe...