Word: bbl
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...current production levels, Venezuela's proven reserves will run out by about 1990. The government intends both to deplete the reserves slowly and to keep prices high. Like most members of OPEC, Venezuela is reducing output to bolster prices in the face of shrinking demand. From 3.3 million bbl. per day in 1973, the country's production slid to 2.9 million last year and is 2.5 million at present...
Helping Hand. Venezuela has consistently refused to give its neighbors any break on oil prices. The government has announced, however, that it is setting aside all revenues received from Central American nations in excess of $6 per bbl. (the oil now sells for about $10.44 per bbl.), and is lending the money back to those nations for development projects. The interest charged is reasonable-from 6% to 8%-but the Caracas government must approve the uses to which the loans are put. To a degree, Venezuela's helping-hand programs smack of a paternalism that at another time...
...with Congress on another matter. To avoid what he called "a time-wasting test of strength," the President made a deal with the Democrats in which they agreed not to try to override his veto of legislation that would have postponed for 90 days his three-stage, $3-per-bbl. hike in the tariff on imported oil. In exchange, Ford postponed for 60 days two-thirds of the increase-halting the $1 that took effect on March 1 and putting off the $1 scheduled for April 1. Still in effect is the $1 that has cost oil importers an estimated...
...bombast could hide the concerned mood of the meeting. The recession in the industrialized world, caused in part by towering oil prices, has sharply reduced demand for OPEC crude. This has lowered revenues for oil producers, who have had to cut production. OPEC output, which averaged 33 million bbl. a day in 1974, is now down to an average rate of 27 million bbl. Cartel officials note that even with shrinking demand, oil producers are taking in more money now than they were a few years ago. Yet the more production falls, the closer OPEC comes to an exquisitely difficult...
...welcome casualty of the decline in tanker rates is the as much as $2 per bbl. premiums that the Algerians and Libyans had been able to tack on to their oil price because of the proximity of their wells to European markets; with the drop in rates they have had to cut their premiums to remain competitive with more distant oil countries. Still, the prime beneficiary of the bust may be the oil-producing states. Long intent on acquiring fleets of supertankers, they may soon be able to do so on the cheap...