Word: bbl
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...voice this week. In a 291-page report to be released at simultaneous press conferences in eleven countries, a group of 35 experts concludes that by the year 2000 oil production in the non-Communist world could fall short of meeting demand by 15 million to 20 million bbl. per day -about as much as the U.S. uses now. Moreover, the shortfall is likely to occur even if coal production doubles, the output of nuclear-generated power multiplies 15 times, conservation measures cut the increase in petroleum demand to half its historic growth rate, and the "real" price...
...found, depends heavily on the production policies of Saudi Arabia, which has the world's largest known oil reserves. If the Saudis decide that oil in the ground is more valuable than oil sold on the market, and cap production at the present level of around 9 million bbl. per day, the shortage shows up as early as 1981. If the Saudis more than double output, to 20 million bbl. per day, the shortage is delayed -but only for eight years, to 1989. Even if there is no production limit at all, shortages show up in the late 1990s...
...report is open to objection. Its demand estimates assume a free world economic growth averaging 4.4% a year, which some experts consider high. It also assumes that no more than 20 billion bbl. per year-the equivalent of two Alaska North Slopes-can be added to the world's proven oil reserves. Some other studies have suggested that the amount of oil waiting to be found is much higher. Wilson says that the report was intended less as prophecy than as a call to action. It advocates unprecedented international cooperation in devising new technologies, sharing existing resources and enforcing...
...annual per capita income of only $185, Indonesia's 140 million people rank among the world's poorest. Roughly 6 million people are unemployed. The influx of foreign funds was led by an oil boom that has made Indonesia, with a daily output of 1.7 million bbl., Asia's only main exporter of crude. Corruption and haphazard government policies, however, have slowed further oil exploration to a crawl, and Indonesia may lose its exporting position within a decade...
...company, Pertamina. Afflicted by gross mismanagement and blatant corruption, the company could not repay several billion dollars in loan obligations and had to be bailed out by the government. To help raise the money, the government assessed Caltex-producer of 63% of Indonesian oil-an extra $1 per bbl. in royalties and arbitrarily cut the earnings of other foreign oil companies by about $2.50 per bbl. Admits Indonesian Minister of Mining Affairs...