Word: output
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...past, Saudi Arabia had been the one to stabilize OPEC's overall production level. As the so-called swing producer, the rich Saudis would cut back their output to offset the excess pumping of other members. In 1986 the Saudis got tired of playing the sucker and flooded the market with their unrivaled stores of crude, pushing prices down in an attempt to punish the cheaters and force them to play straight. That method proved of little value in taming Kuwait and the U.A.E., which have rich petroleum reserves and tend to favor lower prices as a way of discouraging...
...country. Baghdad even shared in the two cheaters' profits to the extent that it received $10 billion to $20 billion in loans from them for its war effort. But now that the cease-fire with Iran is two years old, Iraq is rebuilding its oil industry. With an output of 3.14 million bbl. a day, Iraq is tied with Iran for the rank of OPEC's second largest producer. Both trail Saudi Arabia's output of 5.42 million...
Despite the stretched nerves in Geneva, OPEC's other producers were delighted with the outcome of Saddam's antics, since discipline on quotas will mean more money for all of them. The 13 members agreed to cap their total output at 22.49 million bbl. a day through the end of this year, an increase over the previous ceiling of 22.08 million but less than the 23.5 million that was actually flowing when Kuwait and the U.A.E. were breaking the rules...
Probably half his output ended up in U.S. collections. Yet today, if he is not quite a forgotten artist in America, De Stael is without doubt a grievously neglected one. His music went out of fashion: the suave, reflective, at times slightly too decorative appeal to the senses inherited from Matisse, the thoughtful sense of paint-substance he had learned from the artist he admired above all others, his older friend and mentor Georges Braque. And it was true that De Stael had a weakness for the charming formula that was not dispelled by his frenetic rate of production...
...Petroleum Exporting Countries and the oil embargoes of the 1970s began to interrupt that arrangement. Newly confident Third World governments abrogated or phased out the concessions under which Western oil companies had pumped oil on their territory. The national oil companies, which controlled 75% of the world's crude output, insisted on higher prices that cut into the profit margins of Western companies. The once cozy world of Big Oil quickly became a cutthroat competition in which the lack of a guaranteed supply of crude oil could mean the end of a once dominant firm...