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Bazargan aims to increase Iran's oil production from its current rate of 700,000 bbl. a day, which is barely enough to provide for the country's needs, to 3.5 million bbl. in a few months. Though that is scarcely more than half Iran's pre-revolution output, it is a reasonably ambitious target, especially since the country's oilworkers have strong leftist sentiments...
Panic buying has given producing nations tantalizing inducement to raise their long-term contract prices. On the open or "spot" market, where the small percentage of oil not sold under contract is available, frenzied demand has sent prices up to more than $23 per bbl. Further whetting OPEC greed, Britain has boosted its price for North Sea oil by 2% above the cartel level...
Little relief is in sight on the supply side. Of the 5.8 million bbl. of Iranian oil lay lost to the world, about 900 000 bbl normally come to the U.S. and provide 5% of its daily demand for 19.4 million bbl. Extra production by Arab countries has cut the oil deficit to 2 million bbl. per day globally and 500,000 bbl in the U.S. Saudi Arabia, for example, which is committed to pumping 8.5 milion bbl. per day, is now producing 9.5 million bbl. But the Saudis are tacking a 9% premium on that extra 1 million bbl...
...Portillo to begin negotiations between the two governments for American purchases of Mexican natural gas o avert social and economic disruptions López Portillo has vowed to follow a go-slow production policy and not permit Mexico's wells to pump more than 2.3 million bbl. of oil and gas a day (up from 1.5 million bbl. now) for the rest of his term, which ends in 1982. Thus Mexico will not be able to do much to help the U.S. out of its present energy bind...
Another unpopular measure to spare energy would be to moderate some antipollution regulations. The American Petroleum Institute estimates that the extra crude required to make unleaded gas for new cars with catalytic converters amounts to 140,000 bbl. per day, and the Department of Energy figures that yet another 500,000 bbl. will be added to daily demand if the next legally mandated reduction in gasoline additives goes through as scheduled in October...