Word: output
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...sharp recession in the U.S. have decreased the world's thirst for petroleum. OPEC's economics experts told the ministers at the beginning of the meeting that world oil production is now about 1 million to 2 million bbl. per day greater than demand. The excess output is acting as a restraint on countries wishing to push the price of oil ever higher. Said Sheik Ahmed Zaki Yamani, the Saudi oil minister, after the meeting: "The agreement does not impose restrictions on others not to raise their prices. But I don't think they are going...
...derive much solace from the relatively modest price increases. The current oil surplus is expected to have evaporated by fall. Even if it has not, the Saudis and others could decide to reduce production to keep pressure on prices. Other oil countries believe that Saudi Arabia will soon cut output. Said Kuwait Oil Minister Ali Khalifa al-Sabah: "There is no specific promise, but that is certainly my understanding-if only through the way Yamani held his brow...
...Chrysler financial bailout bill passed by Congress last December. The measure, sponsored by Idaho Republican Senator James A. McClure, allows carmakers to include electrics in meeting their federally mandated 1985 corporate average fuel-efficiency rating of 27.5 rn.p.g. Since the electrics use no gasoline, Detroit, to the extent its output includes EVs, will be able to turn out larger, less efficient-and thus more profitable-gasoline-powered cars. That was a clever political end run, yet no one is complaining. Says Paul Brown, who heads the EV program at DOE: "It was just good, practical politics...
...industrial production declined 1.9% in April, the sharpest drop since February 1975. The housing industry continued its free fall, as starts on single-family homes fell to their lowest level in ten years. Alan Greenspan, President Ford's chief economic adviser, predicted that the nation's business output would decline this spring at an annual rate of 7.7%, while Data Resources, Inc., in Lexington, Mass., saw an 8.1% drop...
Rubin, 52, set to work with the future head of that museum, Dominique Bozo, 45. Beginning in late 1977, they whittled their huge exhibition of 940 works from the Spaniard's colossal output. The logistics of getting it to New York were daunting. They involved hundreds of millions of dollars in insurance (MOMA will not reveal exactly how much), the work of 30 couriers, and some 75 air shipments from different corners of the world. The cost of the exhibition was $2 million. Of the 152 lenders, among them 56 museums, only two sources balked. One was Picasso...