Word: bbl
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...attending the 25th anniversary celebration of the start of the Algerian war of independence from France. The Iranians had long since resumed U.S. oil shipments, which had been disrupted by strikes and fighting earlier in the year. The National Iranian Oil Co. (NIOC) is now selling about 700,000 bbl. a day to the U.S. (compared with 900,000 bbl. a day when the Shah ruled Iran), or about 3.7% of American petroleum needs. The U.S. had resumed the sale of spare military parts as requested by the Tehran government. Last week the Administration quietly halted those shipments...
...ayatullahs, said so, and was forced out last September. For good measure, the government issued a summons for Nazih's arrest, but he managed to escape to West Germany. Partly as a result of such political interference and mishandling, Iran's oil production gyrates between 2.3 million bbl. and 3.3 million bbl...
...nation sits upon a "lake of oil," boasted Saddam Hussein al Takriti last week-referring to Iraq's estimated proven reserves of more than 32 billion bbl. Largely because of that petrol power, Iraq is emerging as a political force in the Middle East after years of xenophobic isolationism. The country's increasing importance was underscored by a visit to Baghdad last month by Jordan's King Hussein for discussions on a comprehensive Middle East peace settlement. Other recent callers have included French Premier Raymond Barre, British Foreign Secretary Lord Carrington and his West German counterpart, Hans...
...rise to worries of new production cuts by one of OPEC's most important oil suppliers, and the cartel itself now seems certain to announce new price increases at its December meeting in Venezuela. The Saudis, who have held their price at the cartel minimum of $18 per bbl., may raise it closer to the levels of other producers: $23.50 or more. At the same time, several OPEC producers have announced plans to curtail production next year, while Iran, Dubai and other producers are continuing to divert oil to the spot market, where it can fetch at least...
This early piercing of the OPEC lid came despite an attempt by Saudi Arabia the largest oil producer, to keep the lid on' Last July, Saudi officials announced that they would raise their daily oil production during the remainder of 1979 from 8 5 million to 9.5 million bbl. Not so long ago, such an increase would have prevented unilateral price hikes. No longer. The rules of the oil game have changed...