Word: bbl
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...once a little-noticed breed of ship, now constitute more than half of the world's merchant-ship tonnage. In U.S. ports, tanker traffic has increased proportionately as the nation has turned heavily to imports to meet its growing thirst for fuel. In 1966 the U.S. imported 940 million bbl. of oil and petroleum products. Now nearly three times as much is arriving in U.S. ports?about 300 million...
...clear that the pricing rupture probably does not signal the end of OPEC. Yamani denied rumors that Saudi Arabia would quit the cartel, which would surely have meant its ruin. He also played down earlier threats that Saudi Arabia, already by far OPEC's biggest producer (8.4 million bbl. per day), would substantially expand output in order to undermine the higher prices of the opposing eleven. The radical Libyans, who are among the Saudis' bitterest rivals, were relieved. "At least, I expect they will not harm us," said Libyan Oil Minister Ezzedin Mabrouk...
...companies will be under pressure to hold prices to present levels for consumers. The West German government, for example, has forbidden oil companies to raise prices on stored petroleum. Meanwhile, world demand for OPEC oil will plunge so sharply-as much as 3 million to 4 million bbl. per day, guesses J. Wallace Hopkins, deputy executive director of the Paris-based International Energy Agency-as to make it difficult for the eleven to impose their new higher prices...
...further 5% next July 1. But the Saudis, backed by the United Arab Emirates, announced that they would post only a 5% increase for the whole year. Moreover, Saudi Oil Minister Ahmed Zaki Yamani declared that Saudi Arabia would lift its self-imposed production limit of 8.5 million bbl. a day and pump out as much oil as the world market would take (the country can now produce 11.8 million bbl. daily). That was a clear attempt to undermine the higher prices decreed by its OPEC partners, and the cocky Sheik Yamani told Western newsmen, "I don't believe...
That it is. Beginning Jan. 1, OPEC oil will be available at two prices: $12.08 a bbl. for Saudi or Emirate crude, $12.70 a bbl. for petroleum from the other OPEC countries. The immediate result will probably be chaos in the world oil trade as the big oil companies and consuming nations jockey to buy at the lowest price. But the Saudi action will at least hold the average world oil price below levels that could have precipitated a new global recession...