Word: bbl
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Implicit in the discussions was one basic fact of modern oil diplomacy: the U.S. vitally needs Riyadh's continued cooperation. To help the U.S. meet its future energy needs, Washington has urged the Saudis to increase their productive capacity from 11.6 million bbl. per day to 16 million bbl. by the early 1980s. The Saudis can thus exert pressure simply by limiting production...
...well below the going rate for imported oil. Says CEA President Robert Beningson: "The market for resource recovery is almost limitless." Beningson, a man who thinks big, estimates that if all the garbage in the country were converted to powdered fuel, it would add the equivalent of 2 million bbl. a day to the nation's oil supplies, or about the same amount as the oil that will flow through the Alaska pipeline at peak capacity...
Carlos never showed, and the real specter hanging over the meeting was the growing worldwide glut of oil. During recent months the world has been awash with excess production of some 2 million bbl. per day, and Western oil stocks are currently 25% above pre-1973 embargo levels. Producers like Libya and Algeria, even while arguing for an official price hike, have been shaving their market prices by 40¢ or more per barrel...
...oversupply has been caused primarily by the arrival of oil on the market from new North Sea, Alaskan and Mexican wells. Those three areas are now producing an estimated 2 million bbl. per day?precisely the amount of the current surplus. Oil Minister Mani Said Utaiba of the United Arab Emirates admitted at the conference: "We can't talk about increasing prices because there are too many barrels of oil every day in the market. If we increase the price, we won't be able to sell...
...need of more oil income to pay for instant industrialization projects, were making weak requests for an increase of 5% or so. They argued that a boost was needed to make up for worldwide inflation and the dropping value of the dollar, which has cost them 20¢ per bbl. this year...