Word: outputted
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...this preeminence brings no comfort to U.S. oilmen. Not only did output fall far short of domestic consumption; it did not even match the 9.7 million bbl. per day that the nation produced at the peak in 1971. The speed at which U.S. oil wells are operating is fast draining the nation's proven reserves. The outlook is for steeper production declines unless new sources of oil can be found...
...effort to encourage the industry to boost output, the Government last year made two important changes in the way that it controls oil prices. First, it lifted controls on the crude that comes from stripper wells-those that produce 10 bbl. or less per day. Stripper prices have since risen from $3 a bbl. to $8.50 or more; at these prices, the owner of a stripper can make a profit from a well that might otherwise be worthless. These wells now account for 13% of U.S. production...
Welcome News. Whatever the actual level of Arab oil output, the Christmas announcement from Kuwait is still welcome news. Even if the January production goals represent no real increase from current output, their announcement at least confirms that the Arabs do not intend to squeeze supply so hard as to freeze the West and bring its industry to a halt. But there is a darker side to the Arab proclamations...
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...
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...