Word: output
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...real and immediate reason why supplies are tight is that overall output by the 13-nation OPEC cartel, which produces nearly half the world's oil, has been cut by between 7% and 10% since December, when shipments from Iran first stopped. Now that Iran is back to exporting, at two-thirds normal capacity, Saudi Arabia, Libya, Kuwait and other oil states are reducing their own deliveries to keep the market tight...
Officially, the National Economic Plan was 99.7% fulfilled in the first quarter, but that figure is misleading. The Statistical Administration listed the output of 57 products that are basic to the Soviet economy, and 23 were down from the same period in 1978. Such industrial necessities as steel, chemicals, fertilizer, cement, nonferrous metals and forest products were below last year's production levels; such dietary staples as milk, vegetable oil and butter were also produced in smaller quantities...
...bigger benefit of decontrol will come from increased domestic production. When prices are free to climb to the world level, domestic output is likely to rise as companies pump more oil out of existing wells that are now uneconomical to keep on stream. The battle between Carter and the oil industry over his windfall profits tax concerns whether decontrol will also lead to increased exploration and drilling of new wells that will raise production. The President has repeatedly hit the industry with the charge that oilmen will just pocket the profits from decontrol. Even under existing price controls, however...
...abreast of demand, refineries have had to wring every last drop of gasoline out of crude oil shipments, and this has held down production of heating oil. Now, just as the summer driving season is approaching, refineries may have to cut back on gasoline production in order to increase output of heating oil to replenish stockpiles...
...cartel's share of the world market has dropped slightly, from 65% in 1973 to 58% now, as a result of increased output from Alaska, Mexico and the North Sea. But it would be foolhardy to expect that OPEC will any time soon lose its ability to control prices. Saudi Arabia alone has more than 25% of all proven world reserves; its daily output of 8.5 million bbl. is indispensable to Western Europe and Japan, and provides more than one-fifth of all U.S. crude imports...