Word: bbl
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Still, Norwegians will hardly go without. Unemployment is a slim 1.3%; government officials figure that it may creep up during the austerity period, but only to 2%. Oil production doubled this year, to 102 million bbl., or about one-third as much as Mexico produces, and next year it is expected to rise by 35%. The government has decided to award seven of its remaining North Sea concessions between December and February, several months ahead of schedule...
...economy to a virtual standstill. A walkout by 11,000 employees of Iran Air grounded all 162 daily flights of the country's flag airline; more serious was a strike by 37,000 workers at Iran's nationalized oil refineries, which initially reduced production from 6 million bbl. per day to about 1.5 million bbl. That strike not only cost the government about $60 million a day in oil revenues, but also suddenly raised the specter of petroleum shortages in Japan, Israel, Western Europe and, to a much lesser degree, in the U.S.; all these countries depend...
...question is whether the bill's conservation measures, which are much weaker than the President wanted, will enable the U.S. to cut oil imports. Two weeks ago, Energy Secretary James Schlesinger estimated that U.S. oil imports will rise 2 million bbl. per day by 1985, to around 10 million bbl., rather than drop 2.5 million bbl., as Carter had pledged. That prospect helped touch off another orgy of dollar selling abroad...
...others sharply dispute the optimists. Rand's Nehring argues that for all the recent exploratory activity, the world's reserves can really be significantly increased only by additional recovery from known fields and by further discoveries of "supergiant" fields containing at least 5 billion bbl. of oil. The 33 known fields in this class account for more than half the world's oil reserves, but discoveries of new supergiants have dropped off. In the 1970s the oil companies have turned up only two fields with such potential: in Mexico and on the Iraq-Iran border...
...echoed by many other researchers. Trying a novel approach to assessing the world's reserves, Pierre Desprairies, head of the French Petroleum Institute, recently polled 28 leading oil companies and individual experts on how much oil they thought was economically recoverable at a cost of $20 per bbl., which is about $6 above the going price. The consensus, he reported, was that "the reservoir of oil is large and full"-about 2,000 billion bbl. But there was also general concern about the declining rate of major new discoveries. Says Desprairies: "The big fields have been discovered...