Word: bbl
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...Tower, although only 262 ft. of the rig will poke above the waves. Seven tugboats spent three days towing Bullwinkle to its home, 150 miles southwest of New Orleans in the Gulf of Mexico. When Bullwinkle reaches full production in 1991, its 50 wells will turn out 50,000 bbl. of oil a day, enough to make 2.1 million gal. of gasoline...
...case Angola, China, Colombia, Egypt, Mexico, Malaysia and Oman. As the oil czars gathered, the petroleum industry watched and wondered: Was a new, super-OPEC forming? Just the prospect of the meeting had sent the price of West Texas intermediate, the benchmark U.S. crude, rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were still struggling to forge an agreement that would prop up prices by throttling back the world's oil output...
...with a proposal for boosting prices. They promised to cut their crude-oil exports by 5% if OPEC would do the same. The cutback would be easier for the smaller group to accomplish than for OPEC. Among the six, a 5% reduction would amount to only about 200,000 bbl., while for OPEC it would be more like 700,000 bbl. In return, OPEC members debated a counterproposal that would reduce the group's total production by 300,000 bbl...
DESCRIPTION: Crude oil production in millions of bbl. a day by OPEC and non- OPEC countries, 1973-1987; Color illustration of can dripping oil onto head of Arab...
...likely to increase somewhat over the next few months. Whatever OPEC resolves to do, the main impetus for rising prices is likely to be heightened demand from a growing world economy and oil-guzzling consumers. Gasoline demand in the U.S. has returned to preconservation levels, topping 7 million bbl. a day during the first quarter of this year, the highest rate since...