International petroleum annual, 1974

Book · Thu Jan 01 04:00:00 EST 1976

OSTI ID:7345835

The major international petroleum events of 1975-1976 are summarized. In the beginning of 1975, the world had a surplus of crude oil and cutbacks in production were in effect in the Middle East. Stocks were high, and in response to reduced demand world refinery runs has been reduced. OPEC did not raise their oil prices during the first nine months of 1975. Meeting in Vienna in September, OPEC decided to increase their crude oil prices by 10 percent and freeze these prices at the new level for a period of 9 months. For 2 years in a row, reduced world oil demand has affected OPEC oil production. Middle East oil production in 1975 fell for the first time in 34 years. New oilfields that came on production in 1975 are listed. One of the most important events that occurred in 1975 was the opening of the pipeline from the North Sea where oil from British Petroleum's Forties field passed to a refinery at Grangemouth, Scotland. Initial output averaged about 43,000 bbl/day. Construction of the trans-Alaska crude oil pipeline, scheduled for completion by the end of 1977 with an initial capacity of 500,000 bbl/day, is continuing. The nationalization of oil production and other phases of the oil industry that began in 1975 in a number of countries is also continuing. Tabulated conversion factors and international petroleum statistics for 1974 and a 1973 final report are included. World crude oil production for the years 1964 through 1974 and domestic demand for refined products by countries are additional data tabulated. Tabulation of world crude oil reserves, producing wells, number, and refining capacity is made. Comparative data on retail prices, including duty and taxes, of gasoline, kerosene, lubricating oils, and bunker ''C'' fuel oil are given by country for July 31, 1974 and July 31, 1975. (MCW)

• OSTI ID: 7345835
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
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ENERGY SOURCES
FOSSIL FUELS
FUELS
INDUSTRY
INTERNATIONAL ORGANIZATIONS
MATHEMATICS
OPEC
PETROLEUM
PETROLEUM INDUSTRY
PETROLEUM REFINERIES
RESERVES
RESOURCES
STATISTICS
STOCKPILES