Word: bbl
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...dead stop in Iranian oil shipments has not yet been felt, even in South Africa (which depends on Iran for 90% of its crude) or Israel (which relies on Iran for 70%). Saudi Arabia has made up much of the slack by expanding its output from 7 million bbl. per day to a maximum capacity flow of 11 million bbl...
...England for modern weaponry with which to rearm their badly equipped military forces. They will probably make only a few selective purchases at first, because of their shortage of capital. Chinese and Americans kept up brisk negotiations. Coastal States Gas Corp., a U.S. firm, agreed to buy 3.6 million bbl. of Chinese crude, the first shipment to arrive early this year. In accordance with its aim to double annual steel production, to 60 million tons in 1985, China signed an agreement with Bethlehem Steel for the development of an iron mine at Shuichang, in Hopei province...
...even with the decline of the dollars they hold in such abundance, OPEC nations might not have agreed to such a large price increase if Iranian production had not been disrupted. When rebellion broke out there in September, output fell from 6 million bbl. a day to less than half a million. Though Saudi Arabia tried to fill the gap with its own surplus, that did not suffice. "The drop in production in Iran was the important factor in the price boost," says a U.S. Treasury official. "The Saudis are able to hold off the price hawks as long...
...Ahwaz, workers were given their choice of going back to their jobs or being fired; by week's end most of the country's 37,000 oil and refinery employees were back at work, and production rose to roughly half the normal output of 6 million bbl...
...matter how it is gauged, all this is splendid news for Mexicans, millions of who live in poverty. Pemex hopes to lift production from its present 1.5 million bbl. a day to 2.5 million by 1980. At the same time, it expects to triple its oil exports to 1 million bbl. a day, mainly to the U.S. (whose total imports now are 9.1 million bbl.). As a result, oil earnings are expected to hit $8 billion annually...