Word: bbl
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...Though U.S. imports of crude oil have dropped, imports of refined products in mid-December were running more than 2.9 million bbl. per day -slightly more than in late September, when the Arab wells were pumping full speed. U.S. officials have steadily reduced their estimates of the likely petroleum "shortfall" and made some fuel allocations more generous. The Federal Energy Office last week announced that airlines in 1974 will be able to buy 95% as much jet fuel as they did in 1972, up from an original allocation...
Since world oil supplies were tight even before the oil weapon was unsheathed, Arab production at 85% of September levels will still leave global output 2.5 million to 3 million bbl. per day short of demand. Moreover, there is always the threat that the oil offensive will go into high gear again. One Arab source told TIME Beirut Bureau Chief Karsten Prager last week that if the Middle East peace talks now taking place in Geneva do not produce results by mid-March, "don't be surprised if the pendulum swings all the way to a 30% reduction...
...about $7 into the national treasuries of Middle East host countries for each barrel of crude they take from the desert sands. Once corporate profit margins and the cost of transportation are cranked in, the price of crude in world markets will nearly triple, to something like $9 per bbl. At present prices, worldwide customers shell out about $22 billion a year for the 6.2 billion bbl. of crude that the Middle East exports. When the new prices take effect, the tab will leap overnight to $55 billion or more...
...litmus test is provided by three refineries: Texaco Trinidad, Amerada Hess on St. Croix and Bahamas Oil Refining Co. (Borco) on Grand Bahama Island. Together they have a refining capacity of more than 1,000,000 bbl. a day, most of which is shipped to the U.S. Before the cutoff they depended on the Arabs for almost half their crude; if the embargo were fully effective, they should be cutting production drastically by now. Yet the Texaco refinery has reduced by only 60,000 bbl. a day-to 140,000 bbl.-the amount of petroleum products it ships...
More Crude. Borco has actually doubled its normal output of 250,000 bbl. a day, more than making up for the declines at the Trinidad and St. Croix refineries. Borco officials say that they are using more crude from Nigeria, Iran and the U.S. They adamantly deny that they are still getting ample supplies from Libya, officially a full participant in the boycott. Yet a check with brokers who manage Borco's tanker operations indicates otherwise...