Word: bbl
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...allow time to amend the system. Such a move would temporarily enable the majors to keep all the oil they import for themselves and should persuade them to step up imports. One possible change in any new allocation plan: only small refineries turning out no more than 30,000 bbl. per day would be permitted to buy from companies in the U.S. That limitation would probably satisfy the majors, whose main complaint is that they must now sell to large rivals. It would further ensure a continuing flow of oil into the U.S. by forcing big independents to buy their...
Aramco now operates under the shadow of nationalization. The company is indeed a plum - the world's biggest oil producer sitting atop the world's largest reserves. Aramco's average well yields 12,000 bbl. per day, as compared with the average U.S. well's 18 bbl. Its refinery and port complex at Ras Tanura on the Persian Gulf can turn out more product (600,000 bbl. per day), store more oil and load more supertankers than any other facility on the globe...
Most enticing to the Saudis, Aramco's profits are also immense. Though Saudi royalties and taxes have soared to $7 per bbl., production costs average only 120 per bbl. As a result, at present prices Aramco nets more than 500 per bbl...
...producing 7.3 million bbl...
...this to be Big Daddy," explains Mel Lafrenz, Aramco's director of management development. "It was simply a realistic appraisal of what we ought to do to stay here as long as we could." Aramco until recently had steadily stepped up production, from 3.5 million bbl. per day in 1970 to a high of 8.2 million bbl. daily last September and was shooting for 11 million bbl. per day next year...