Word: bbl
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After four days of dispute, the meeting in Caracas broke up with hard-line hawks such as Iran, Libya, Nigeria and Algeria planning to charge a minimum of $28.50 per bbl. and perhaps $30 or even more, while other cartel members said that they intended to go no higher than $24. All in all, the rises add up to a big increase over the OPEC official maximum of $23.50 that had prevailed since summer, the $18 that Saudi Arabia, the cartel's leading producer, had posted until two weeks ago, and the $12.90 that OPEC averaged a year...
...already suffering increasing economic upset from energy inflation, and now the malaise will worsen. According to Administration calculations, the cost of crude oil imported into the U.S., which last month averaged $25 per bbl., will rise to from $28 to $30. Several of the nation's most important OPEC suppliers, including Nigeria and Libya, are also among those that lifted their prices the most...
...Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...back-stabbing rush to hang onto their customers by offering all sorts of discounts and deals. Already there are signs that this year's 100% increase in crude oil costs is beginning to crimp cartel sales. U.S. oil imports dropped by 8.5% during November to 7.9 million bbl. daily, suggesting that the market is beginning to loosen...
Then there is oil. An exporter only since 1974, Egypt will sell $1.1 billion worth of crude this year, accounting for 40% of its trade income. Never a member of OPEC, the country doubled the price of its oil early this year and now charges a robust $34 per bbl., except for what is sold to Israel. Egypt reportedly agreed to sell oil to the Israelis at a price of roughly $27 per bbl. in the hope that this would encourage investment in Egypt by Jewish-American businessmen. Oil-exploration deals have been signed with a number of Western firms...