Word: bbl
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...demanded a price 15% below the world price set by the Organization of Petroleum Exporting Countries; the Soviets balked. Instead, the two sides signed a "letter of intent" to resume negotiations on a deal under which the Soviets would ship to the U.S. the equivalent of 200,000 bbl. of oil a day at prices to be mutually agreed upon...
...could get from oil sales, and will need even more to pay for U.S. grain. The U.S. is eager to tap the Soviet oil barrel, largely for political reasons. The U.S.S.R. passed the U.S. last year as the world's largest oil producer and now pumps 9.5 million bbl. daily v. 8.3 for the U.S. But Soviet consumption is rising fast too, so that the Russians have little oil to spare for the U.S.; the amounts talked of in the letter of intent would supply only 1.2% of U.S. daily needs. Rather, an oil deal promises political benefits...
...reasons for keeping its increases small. It sells most of its oil to Japan, where consumption in early 1975 fell 13% below 1973. Also, Indonesia's latest increase brings the price of Central Sumatra sweet crude, a product highly valued for its low sulfur content, to $12.60 per bbl., and China, which does not belong to OPEC, is marketing a similar crude...
Since the discovery of major oilfields in the mid-'60s, China has become an economic power to reckon with. The first significant shipment of petroleum, 7 million bbl., was sent to oil-thirsty Japan only two years ago. Total oil exports this year are estimated at 70 million bbl. By 1980, oil shipments abroad are expected to reach 350 million bbl. and amount to one-third of the country's exports. China's trade, which remained virtually static at about $4.5 billion annually through the long years of isolation, jumped to $6 billion in 1972 and reached...
...could still get through-about 20% according to weather experts. Barring that, the delay may well mean the first trickle of oil will not begin flowing south to the deep-water port of Valdez on schedule in the summer of 1977. The expected flow of just under 2 million bbl. daily could be delayed until well into...