Word: bbl
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IRAN, a Moslem country that strongly opposes using oil as a political weapon, is the only Middle Eastern state to continue pumping at full capacity; in the past two months it has boosted production by about 700,000 bbl., to 6,000,000 bbl. a day. Iran also sweetened its oil earnings in October when, in concert with the Arab states, it hiked the price of its crude by a walloping 70%, to $8.20 per bbl.; it auctioned some oil last week at more than double that quote. Experts believe that another 20% increase is in the offing. As recently...
VENEZUELA, which already boasts the highest per capita income in South America, is becoming even wealthier because of soaring oil prices. Petroleum production has been held to about 3,500,000 bbl. a day for several years. But because of increases in government taxes and royalties levied against foreign firms drilling in the country, Venezuela's oil revenues have leaped from $1.9 billion in 1972 to nearly $3 billion this year. Since January alone, the price of the country's oil has doubled, to $7.24 per bbl...
Venezuela is taking a second look at an oil belt along the north bank of the Orinoco River that has huge estimated recoverable reserves of 70 billion bbl. Until the recent jump in prices, getting at this petroleum was considered too expensive to be profitable; the oil is so thick that dilutants often have to be poured into the wells to increase its fluidity so that pumps can suck it out. Now, because of the oil-price bonanza, the Venezuelan government has the cash to buy the sophisticated technology needed to exploit the find. At the same time, the government...
...Tenneco, Getty, Sun Oil, Transworld and other companies begin drilling for what many geologists believe is the world's largest unexplored oil deposit. The most promising recent strikes have been under the turbulent waters of the North Sea, which has proven deposits of more than 12 billion bbl., v. 10 billion on Alaska's North Slope. Production has barely begun, but the fields are scheduled to be pumping 2.5 million bbl. a day by 1980. Britain, which controls the richest fields, expects to become a net exporter of oil by the mid-1980s (although the country is starting...
...Coca-Cola," snapped Jose Vicente Rangel, the Marxist-Socialist candidate who finished a distant fourth, with roughly 4.2% of the vote. It was true that neither of the two leading candidates could show clear political differences from his opponent. Though Venezuela's output of about 3.4 million bbl. of crude daily makes it the world's third largest oil producer (after Saudi Arabia and Iran), oil never became an issue. Both major candidates agreed that foreign oil concessions, mostly to American companies that now have a $2 billion investment in Venezuelan oil, must revert to Venezuelan control...