Word: bbl
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...become a dramatic and bitter tug of war between the cartel's two major producing nations, Saudi Arabia and Iran. After four days of fierce wrangling, the members compromised Saturday on a hike in world oil prices of only 10%, or about $1.05 per bbl., well below the 35% or so that had been bruited about a few months ago. The new price will be frozen for nine months...
...price program acceptable to the Administration. Legislation reimposing the controls immediately zipped through Congress (in the House by a vote of 342 to 16 and in the Senate by 75 to 5). The old regulations, which held the price of two-thirds of U.S.-produced oil to $5.25 per bbl., expired...
...Senate passed legislation last April barring increases in the price of most U.S.-produced oil. Last week the House, by a vote of 255 to 148, approved an omnibus energy bill that would cut back on oil prices. The measure would put a lid of $7.50 per bbl. on the one-third of U.S.-produced oil that has not been price-controlled and now sells for about $13.50 per bbl. The $5.25 ceiling on the rest of domestic oil would be continued. The President, however, would be empowered to set prices at up to $10 per bbl. for hard...
...cartel's members would eventually soak up a disruptively large share of the monetary reserves of the non-Communist world. But these forebodings could not take into account the world recession that has slashed oil demand. Today OPEC'S output is running at about 28 million bbl. per day, v. 33 million bbl. just before the 1973 embargo, and revenues are falling below expectations...
...what role the government should play. Through Statoil, the state oil company, Norway controls most of its oil industry. It buys up to 75% interests in production ventures; Statoil and Mobil along with other oil companies are partners in Statfjord, Norway's biggest oilfield yet (3 billion bbl. in reserves). Headed by Arve Johnsen, a 41-year-old economist and lawyer, Statoil aims to become a fully integrated company, exploring, drilling, producing and refining oil. It already owns participation rights in 38 exploration areas, or "blocks," off Norway's coast...