Word: kuwait
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Dates: during 1970-1979
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...much-needed national pride. By giving its Arab allies both materiel and moral support, the Soviet Union regained much of its prestige in the Middle East (see box page 38). A small winner may well be Jordan, which retrieved diplomatic recognition from Egypt and Syria and oil subsidies from Kuwait in return for a handful of casualties...
...Arab countries that pledged two weeks ago to reduce oil output at least 5% a month began vying with one another to go farther than that individually. Four of the biggest producers-Saudi Arabia, Kuwait, Algeria and Qatar-decreed immediate slashes of 10%. That will produce a global shortage; before the cutbacks, world oil production had been barely 2% ahead of demand...
...Arab countries meeting in Kuwait decided that each month from now on they will reduce oil output at least 5% below the preceding month. The cutbacks will continue, they said, "until an Israeli withdrawal is completed, and until the restoration of the legal rights of the Palestinian people...
Parts of the Arab oil strategy are still unclear. The communiqué from Kuwait, for instance, left deliberately vague the political conditions under which the 5%-a-month production cuts would be restored; it made no attempt to define "Palestinian rights." Further, the Arabs promised to slash shipments only to "unfriendly" countries. That pledge is impossible to carry out because the Arabs have little control over where oil goes once it leaves their ports...
Some Western diplomats and oilmen thought that the production cuts were about the most modest that the Arabs could have agreed on. In fact, before settling on the 5%-a-month formula, the Kuwait conference rejected proposals for a three-month total shut-off of oil exports and for an immediate 50% reduction in production...