Word: output
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Before delegates from the 13 OPEC members had even left London, many energy experts were saying that the continuing oil glut would force prices down further. To keep that from happening, the members agreed to individual production quotas designed to limit their overall output this year to 17.5 million bbl. per day. That is 1.3 million bbl. less than the average rate for 1982, but 3.5 million bbl. more than the current rate. Said a hopeful Sheik Ahmed Zaki Yamani, Saudi Arabia's Oil Minister: "I have a strong feeling that this [agreement] will work out and that OPEC...
Venezuela, for example, has run up a foreign debt of $25 billion. The country's per capita output of goods and services has sunk to a level about 15% below where it was in 1978. Faced with a drop in oil revenues this year of at least $4 billion, Venezuela has shelved plans for construction of a new railroad, a steel mill and several highways. With an election coming in December, the government is already getting edgy about political unrest. Three journalists were jailed two weeks ago for criticizing the President...
...squarely, is that the skills that supported these men and women so well for so many years have lost their value in the marketplace. Management Expert Peter Drucker suggests that blue-collar manufacturing is going the way of agriculture in the postwar period: employment will decline markedly even if output rises. By the year 2005, Drucker figures, only 5% to 10% of the work force will be involved in manufacturing, compared with 20% today. That conclusion, striking as it is, is not very controversial. Last week, in a "technical memorandum" that was presented to Congress, the Office of Technology Assessment...
Last week the Venezuelans were offered an allotment of 1.6 million bbl. a day, but they wanted 1.8 million. Burdened by a huge foreign debt, Venezuela needs higher oil output to help the country keep up interest payments. The Iranians were totally unrealistic. They demanded that archrival Saudi Arabia lower its output by nearly 10% to 3 million bbl. a day, while Iran be allowed to raise production to match that level. Iran, which is currently exporting only 1.5 million bbl. a day, is desperate to raise money for its continuing war with Iraq, another OPEC member. The threat...
DIED. William Walton, 80, one of the century's major British composers whose relatively small output melded lyricism with contemporary rhythms; of a heart attack; at his home on the island of Ischia, Italy. At 21, Walton scandalized London with his first important work, Fagade, irreverent musical parodies written to accompany poems by his patron Edith Sitwell. He later turned to more conventional forms, such as the oratorio Belshazzar's Feast and his romantic concertos for violin, viola and cello. A slow, painstaking composer who once complained, "A lot of the time music irritates me to madness, especially...