Word: cutback
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Dates: during 1970-1979
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...imports in any member country drop below a still-to-be determined threshold, either as the result of a selective boycott or a general cutback in deliveries, the sharing will start. For example, if Canada and Norway could meet 100% of their oil needs and all other ECG members only 90%, then those two countries would share their oil until the proportion of requirements fulfilled was the same in all countries. The precise details of this and other procedures, such as a method for eliminating the need for time-consuming approval by each parliament should an emergency hit, remain...
...would permit oil to flow to the U.S. again; according to one report, they will decide two months after the embargo's end whether to keep the oil flowing or cut off shipments once more. They were equally silent on how soon they would cancel a 15% production cutback and pump as much oil as they did before the Arab-Israeli war broke out last October-a matter of even more importance for U.S. and world oil supply and prices than the embargo itself...
Discussion about the distribution of responsibility for instruction focused on the likely cutback of teaching fellows as a result of impending Faculty budget cuts...
...deep source of friction, accentuated by the Yom Kippur War and the Middle East oil cutback, is Europe's relationship to the U.S. Is Europe, as most of its governments desire, to retain close economic, political and defense ties with Washington? Or, as the French maintain, must the Continent largely ignore U.S. interests? The French sometimes frame the choice in the context of continued hope for a united Europe. Said Premier Pierre Messmer: "Europe is not moribund." However, calling for "an extension of European cooperation, which we sincerely wish," he added that "it makes sense only in the affirmation...
...Japan, which has almost no oil of its own, the fuel crisis is waning also as imports increase. The Tokyo government, which had decreed a 15% reduction in fuel supplies to industry, last week ordered the cutback eased to 10% starting March...