Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...American Oil Co. Oil prices were relatively low?$1.40 to $2 and the governments' take ranged from 20˘ to less than $1 a bbl.?because Middle East production costs were modest, oil was in surplus in the world, and the producers' governments were weak and disunited. Company earnings were huge. When supplies tightened and producers began to get together in the late 1960s, the governments' split of production profits rose from 50-50 to 67-33. Even before the price rises since 1973, Middle East governments profited nicely from oil; Saudi Arabia's take from 1965 to 1972 totaled...
...crisis promises to shake the world for at least another five years or longer. It will take that long for importing countries to develop alternative energy sources and more petroleum in nations outside OPEC. Oil will be flowing in from Alaska by 1978, but the total?600,000 bbl. a day at first, 2 million bbl. a day by 1981?will not free the U.S. from the need for foreign supplies. Britain and Norway are each expected to be pumping 2 million bbl. a day from deep below the North Sea by the early 1980s. But the rest of Europe...
Moreover, if Faisal and his allies hold prices up, the rest of the world could encounter such compounded problems that 1974 would be remembered as an easy year. With oil at $10 a bbl., OPEC would charge the world an other $600 billion in the next five years. To pay the bill, the 137 nations outside the cartel would have to deliver one-quarter of their total exports to OPEC's elite 13 countries. It would be impossible for the oil importers to transfer so much of their production?or for OPEC nations to absorb it all. The most frightening...
...very best, however, the State Department reckons that OPEC would not break up for another two to four years?and probably not even then. It has not been at all damaged by a world oil surplus of one to two million bbl. a day, which has shown up because high prices reduced consumption last year. In the non-Communist world, consumption fell from 48 million bbl. a day in 1973 to 46.5 million bbl. last year; in the U.S., it declined from 17 million bbl. to 16.2 million bbl. Partly hi response, OPEC is now producing at 20% below capacity...
...profits continue to gush into the Persian Gulf nations, other governments, too, are beginning to make money from the stepped-up quest for oil. In the North Sea, explorations have so far turned up more than 20 billion bbl. of proven reserves, nearly 4% of the world total. Norway alone has proven reserves of about 6 billion bbl., and experts believe that the potential is at least twice that amount. Surprisingly, though, Norway is approaching its new riches with Scandinavian solemnity. Government planners predict that by 1981, oil output will pump more than $2.7 billion in yearly revenues into...