Word: output
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...first by the U.S.W. in 24 years and would come just as economic recovery is expected to begin boosting steel orders from such big-ticket industry customers as automakers and capital-goods manufacturers. Roger Smith, chairman of General Motors, which alone buys 7% of the steel industry's output, has already warned Lloyd McBride, president of the United Steelworkers of America, that unless wage talks between the companies and the U.S.W. are settled by March, GM will not hesitate to turn to Japanese and European suppliers for its steel. Other big users of steel would doubtless choose the same...
Clark's day begins at 8 a.m. when a nurse awakens him for a sponge bath and a series of tests. At least once every eight hours his blood chemistry, cardiac output and other vital signs are checked. After a morning visit from his doctors, Clark rests briefly and then is helped into an overstuffed recliner chair, where he sits until 5 or 6 p.m. His frequent catnaps are interrupted by two 20-minute sessions of exercises to strengthen his muscles and improve his circulation...
More important than the actual agreement was what was left out. The conference did nothing to resolve the crucial question of how much oil each member should produce. That leaves OPEC without a formal method for limiting its output to maintain its price. Such a method is the heart of a true cartel. Notes John Lichtblau, president of the Petroleum Industry Research Foundation: "To agree on an overall production level does not mean that much when you cannot decide how to set this level. The question of who will produce what is really the most important thing...
...conflict within the organization now threatens to tear it apart. One faction, led by Saudi Arabia, includes neighboring Persian Gulf producers like the United Arab Emirates, and does not want to lower its production further to let the other side raise its output. The opposing faction, which includes Iran, Nigeria and Indonesia, desperately needs income and is eager to pump every drop of oil that it can sell, even if that sends prices plummeting. Iran, which has become the spokesman for this group, is spurred by the need to finance its two-year-old war of attrition with Iraq...
Most of OPEC's muscle comes from Saudi Arabia, which accounts for roughly one-third of the group's output. Although the Saudis are now producing only about three-fourths of their March quota of 7 million bbl., analysts expect Riyadh to maintain that level, rather than pump more, in order to maintain prices. Predicts Henry Schuler of Georgetown University's Center for Strategic and International Studies in Washington: "The Saudis will take up the slack. I think they are compelled to hold prices and accept a reduction of market share...