Word: bbl
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...fever pitch last month, when Pemex, the government monopoly, revealed the latest strike in the Chicontepec field near the Gulf Coast city of Tampico. Pemex Chief Jorge Diaz Serrano estimated that the field would double the country's potential reserves of oil and gas to more than 200 billion bbl...
...three ways: proven, probable and potential. Unlike other countries, Mexico further complicates matters by lumping oil and gas together; about two-thirds are oil, one-third gas. The government figures its proven reserves?oil and gas that can be recovered with existing technology at current prices?at 20 billion bbl. This total is expected to be raised soon to about 30 billion bbl., which would make Mexico's known supplies of oil slightly larger than those of Venezuela or Nigeria, though far smaller than Saudi Arabia's 160 billion bbl. The official reckoning of the much less certain probable reserves...
...other oil-producing countries whether they would be able to increase their petroleum output in case Iran's production dwindled even further than it had already. At week's end a strike by oil workers had cut the country's normal daily production of 6 million bbl. to about half that total. Then, at the suggestion of National Security Adviser Zbigniew Brzezinski, the President invited George Ball, an Under Secretary of State in both the Kennedy and Johnson administrations, to join the National Security Council temporarily as a special consultant. His job: to prepare a long-range...
...that surely was part of his assignment. Another part: to ponder the impact of Iran's instability on nearby Saudi Arabia. U.S. officials are exceedingly worried about the vulnerability of this sparsely populated, semifeudal monarchy, which possesses the world's largest proven oil reserves (150 billion bbl.). Admits one Administration official: "It gives me the willies just thinking about Saudi Arabia...
Some studies suggest that China may have as much as 70 billion bbl., roughly half that of Saudi Arabia. At least 50% of this is thought to lie deep offshore, where the Chinese lack the technology to explore and drill. Peking has already swapped some oil for Japanese imports. Now it desperately needs new oil production to supply its own increasing needs and to pay for its booming imports and ambitious development plans...