Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...month. Later they embargoed all oil shipments to the U.S. and The Netherlands, in punishment for their support of Israel. Last week, showing new unity and clout, ten Arab countries announced that production for November will be slashed a minimum of 25% below the September total of 20.5 million bbl. per day. Though there has been promising progress toward a lasting settlement in the Middle East, the Arabs vow that they will continue their cutbacks and embargoes until Israel withdraws behind its 1967 borders and settles the Palestinian refugees' claims for land or money?or both...
...force of the Arab oil strategy is the shrewd, durable and ascetic leader of Saudi Arabia, King Feisal ibn Abdul Aziz al Saud. Feisal's raw desert kingdom sits atop the world's richest oil deposit; the best estimates of Saudi Arabia's proven reserves run to 137 billion bbl.?one-fifth of the world's total. Feisal's oil wealth has made him a combination banker and big brother to the Arab nations. He also commands special respect among the world's 471 million Moslems because his kingdom embraces Islam's two holiest cities, Mecca and Medina. Feisal...
...least disruption, the President issued some immediate belt-tightening directives and requests. These aim to reduce the nation's consumption of oil by almost the amount that the Arabs are withholding. If the Arab boycott continues much longer, it will cut 2,000,000 to 3,000,000 bbl. out of the normal U.S. supply of 17 million bbl. per day. To make up for that, Nixon...
...tightening in worldwide oil supplies is also kicking up the cost. Since January Venezuela has doubled its price, to $7.20 per bbl. In the past three weeks, Nigeria's has almost doubled, to $8.40 per bbl., and Indonesia's has increased 20%, to $6 per bbl. Price controls on U.S.-produced petroleum will be slowly loosened in the near future in order to tempt oilmen to expand exploration and boost supplies. Rising oil prices will lift the cost of such other fuels as propane, natural gas and even coal...
Even more worrisome is the growing probability of acute fuel shortages caused by the Arabs' total embargo of oil shipments to the U.S. It is now estimated that the U.S. will have 2,000,000 to 3,000,000 bbl. less than the 17 million bbl. a day that it normally burns. The grim prospects for the months ahead: power brownouts, chilly homes and offices, shuttered schools and factories. The loss in production could range to billions of dollars (see story next page) and bring a rise in the unemployment rate, wiping out last month's encouraging...