Word: bbl
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...party of illogic. The sharply rising oil prices imposed by O.P.E.C. in the course of the past year have been largely responsible for spiraling international inflation. Yet delegates of the oil-producing nations, with only Saudi Arabia dissenting, voted to impose additional tax and royalty charges of 330 per bbl. on production to cover their own higher costs caused by inflation...
Venezuela, Kuwait and Libya, however, are now cutting production to eliminate that surplus. Venezuela, whose biggest customer is the U.S., has reduced output by about 450,000 bbl. daily, to a total 2.95 million bbl. One item on the O.P.E.C. Vienna agenda was the coordination of production cuts in order to make sure that prices do not drop...
...Along. The O.P.E.C. decision last week to increase charges was embarrassing for Saudi Arabia, the world's largest producer. The Saudis are torn between supporting the cartel and sustaining their hard-pressed international customers. Saudi Oil Minister Ahmed Zaki Yamani has publicly advocated a cut of $2 per bbl. or so on the grounds that the oil producers are part of the Western economic system and they could not profit by bankrupting their customers. After conferences with King Faisal, Treasury Secretary William Simon returned from Jidda two months ago with encouraging news: the Saudis in August would hold...
...significantly too. At a meeting next week, the Organization of Petroleum Exporting Countries is expected to approve a coordinated production drop of at least 10% by all twelve members. Even Saudi Arabia, which has long publicly advocated a reduction in oil prices, is reducing production instead-by 850,000 bbl. per day this month, down 10% from July. Meanwhile, prices continue to rise. Oil imported into the U.S. in July hit a record $11.69 per bbl.; the cost of paying for it pushed the U.S. foreign trade deficit to $728 million, the third highest monthly red-ink figure ever recorded...
...prices do eventually drop, it probably will not be as a result of the next O.P.E.C. meeting in Vienna in September. At the latest meeting in Ecuador in June, Saudi Arabian Petroleum Minister Ahmed Zaki Yamani pressed for a cut of $2 per bbl. in the posted price of $11.65 per bbl. for light crude. (The posted price is a theoretical figure, but it helps to determine the actual price because it is the number on which taxes and royalties levied against the oil companies are based.) Yamani had all he could do, however, to keep the other O.P.E.C. members...