Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...goodbye to fears of $50-per-bbl. oil. World oil supplies are greater than they were a year ago despite the lack of production from Iraq and Kuwait. With the war over, most experts foresee a temporary plunge to as low as $15, which can only help consumers. Even if OPEC reins in production and maintains a price of $21 per bbl. or so, as it apparently would like, most consumers can live with that, and business had been forecasting such a price for 1991 before Iraq's invasion of Kuwait last summer. Gasoline prices are lower than before...
...certain emirates in the gulf were involved in this "conspiracy." Economic pressure had come into play, with Saudi Arabia, Kuwait and the United Arab Emirates violating the oil-export quotas that had been set down by OPEC. The price of oil had dropped from $21 to $11 per bbl., which, he said, "spelled economic ruin" for Iraq...
...experts say that is not likely to happen. Although putting out the fires could be a difficult and time-consuming task, Kuwait's 94.5 billion-bbl. oil reserves will hardly be dented. Depending on how much damage has been done to other facilities, production could resume within six months after the end of hostilities, Kuwaiti officials say -- though it may be years before output reaches prewar levels. "They will not lose enough to threaten their reserves or their economy or the world oil market in the long term," said an American oil expert...
Since war broke out on Jan. 16, crude prices have dropped from $32 per bbl. to $21 per bbl., but oil companies have been slow to cut retail gas prices correspondingly. This has fed anti-oil acrimony, but the industry argues that it is just making up for not hiking prices all the way during last fall's crude run-up. Even so, the average price of a gallon of unleaded is down to $1.18, only 10 cents higher than the day before Iraq invaded Kuwait -- and half that difference is from a nickel-a-gallon federal tax imposed...
...Iraq's and Kuwait's lost production, and the U.S. is getting by on less imported oil, thanks in part to a warm winter and reduced demand driven by the recession. When Iraq and Kuwait start pumping again, the sudden glut could force prices down temporarily to $15 per bbl. or less. That would wash away the industry's profit gains of last quarter and further lower its subpar returns. Warns Unocal chairman Richard Stegemeier: "Instability is coming, and the industry doesn't do well in turbulent times...