Word: bbl
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...which makes far less efficient use of energy than almost any other industrialized country, has a lot of power to save. The Administration's goal: to reduce by one-third the annual growth of total energy consumption and cut foreign oil imports by roughly half, to 5 million bbl...
...U.A.E. limited their increase to 5% for the full year. Thus, for the first time since OPEC began quintupling petroleum prices in late 1973, the oil cartel split into opposing camps. In order to hold down prices, the Saudis, who are OPEC'S largest producer (8.5 million bbl. per day) and the possessor of the world's largest proven reserves (151.8 billion bbl.), threatened to increase production in order to lure customers away from their higher-priced rivals. So far, there are these signs that the Saudi strategy is working...
...Iran, OPEC'S second largest producer (5.7 million bbl. per day), conceded last week that it already has lost nearly half ite orders from independent oil companies, which unlike some of the big multinational concerns are not bound by long-term contracts. As a result, Iran expects total sales in 1977 to decline about 10% below original predictions, and will cut production accordingly. Venting their wrath, the Iranians warned that companies reducing purchases would be placed on an OPEC blacklist and presumably denied deliveries in the event of future scarcities...
...Kuwait, the fourth largest OPEC producer (2 million bbl. per day), conceded that its production is running below normal. Many of Kuwait's customers obviously were shifting their orders to Saudi Arabia, which produces the same heavy-grade heating oil that has been the mainstay of Kuwaiti petroleum exports...
...reason is that BP has huge interests in the world's two most exciting sources of new crude, Alaska and the North Sea. The BP-Sohio partnership has leased the largest chunk (its proven reserves: 5.1 billion bbl.) of Prudhoe Bay fields on Alaska's North Slope. According to an agreement between the two companies, as the flow of Alaskan oil increases so will BP's share in Sohio, rising from 26% now to 51%, probably some time next year. In the North Sea, BP's wells are expected to produce more than 650,000 bbl. a day by 1980?...