Word: bbl
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...subcommittee that there is no assurance that Iran's new leaders can persuade the Marxist-led oilfield workers to start the wells pumping soon again, even though Ayatullah Khomeini has ordered them back to work. At best, production would rise slowly to a maximum of about 3 million bbl. per day within six months. Increasing the flow to the normal 5.8 million bbl. would require the return of foreign technicians, an unlikely possibility. Yet, said Schlesinger, unless Iran begins substantial production soon, frequent shortages of gasoline will show up this summer, and the U.S. will not be able...
...pinch is already being felt. Exxon and Texaco notified customers that they are reducing deliveries of oil, gasoline and various refined products by as much as 10%. Other oil companies are expected to follow. The companies are also increasing their oil prices by up to 200 per bbl. Shortages of jet fuel have forced American, TWA and other airlines to juggle supplies to keep operating, and last week National reported that fuel shortages forced cancellation of its lightly traveled New York-Amsterdam flights. At the same time a sudden and unexpected lack of bunker fuel delayed ships sailing from some...
Exploiting the shortage, Abu Dhabi and Qatar last week added a 7% surcharge to the 1.8 million bbl. per day that they produce. The increase is on top of the 5% OPEC rise that took effect last month and lifted the basic price to $13.34 per bbl. The cartel had scheduled a raise in steps to $14.55 by October. But at the present rate of increase, oil from Abu Dhabi and Qatar then would be selling at $16.32 per bbl. Other oil producers, notably such anti-Western militants as Libya and Iraq, are expected to make similar increases. Says...
...promise to keep the U.S. as Mexico's No. 1 foreign customer (the U.S. now buys 85% of Mexico's oil exports). Schlesinger estimates that by 1985 Mexican wells will be able to match Iran's pre-crisis output of 6 million bbl. per day. The CIA is even more bullish. Its experts forecast that in ten years, Mexico could pump 10 million bbl. per day, which is slightly more than Saudi Arabia's current production. But López Portillo probably will not budge on Mexico's plans to increase production more slowly...
...Iranian oil shutoff, quickly sought to explain that the Secretary was trying to promote "prudence, not panic." Indeed, the Iranian situation is already having a significant adverse effect on oil supplies. Since late December, lost Iranian production has been causing a worldwide petroleum shortfall of approximately 2.5 million bbl. a day. That is almost exactly the same amount that was lost during the 1973 Arab embargo, and oil companies are being forced to dip ever deeper into their inventories to make up for it. Last week Texaco, Shell and British Petroleum announced delivery cutbacks to their worldwide customers because...