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Choice Area. It is clear, though, that producing governments will increasingly call the tune. Saudi Arabia has already slowed an ambitious Aramco expansion program, and will likely permit output to rise only slowly from the present 7.3 million bbl. a day even after the embargo ends; Faisal's government has little need for the revenues that additional sales would bring. Thus Aramco has next to no chance of boosting production to 20 million bbl. a day by 1982, as it once planned. That Saudi policy alone will keep worldwide oil supplies tight for years to come...
...largest developers of the two richest fields discovered in the past decade: in the North Sea and on Alaska's North Slope. Both should reach peak output around 1980. Exxon also owns most of a field off Santa Barbara, Calif., which holds reserves estimated as high as 1 billion bbl. but cannot be fully exploited until environmentalist objections are overcome. More oil surely lurks beneath the Gulf of Mexico. When the Government two months ago auctioned off drilling leases on promising lands off Florida, Exxon picked up one of the choicest areas by bidding $343 million...
...Arabs are encouraging these bilateral pacts because they want to take advantage of international disarray while they can. Since the production cutbacks began in October, other countries have stepped up their output. Indonesia's daily production has gone from 1.3 million bbl. in September to 1.4 million bbl.; Nigeria's from 2.1 million bbl. to 2.2 million bbl.; Iran's from 5.8 million bbl. to 6 million bbl. If these and other production increases continue and demand remains checked, a return to pre-boycott levels of production by the Arab states could lead to a temporary world...
...Easterners and Prime Minister Pierre Trudeau's government maintain that the oil is a national treasure and that its sale abroad should be controlled and taxed by the federal government. The U.S. is the third party with an interest in the dispute; last year an average 1.2 million bbl. of oil per day, around 7% of U.S. consumption, flowed through pipelines from the Canadian West to the U.S. Midwest...
Billions in tax revenues are at stake. After oil prices started leaping on the world market, Canada began increasing its own take on exports. In October it slapped on its first oil export tax-40? per bbl.-and by last week this levy had been stepped up to $6.40 per bbl.; the result is a current export price of $10.50 per bbl. While the Canadians are fighting over whether the provinces or the federal government should get the bulk of these taxes, the U.S. is arguing that the levies should be lowered...