Word: quota
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Dates: during 1980-1989
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...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. It is now producing some 3.2 million bbl. daily, nearly three times the 1.2 million-bbl. quota set for it in March...
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...
...reason for that optimism is the brightened energy outlook. World oil supplies are ample, and the price of crude is more likely to sink than spurt. In an effort to raise cash, several members of the Organization of Petroleum Exporting Countries have been overshooting their production quotas and offering customers discounts off the cartel's $34-per-bbl. official price. "OPEC's quota and pricing system may be on the verge of breaking down," said Board Member James McKie, an economics professor and energy expert at the University of Texas. If that happens, McKie added, oil prices could...
Prasong is particularly angry at the U.S., which cut its quota for Indochinese refugees from 168,000 in 1980 to 100,000 in 1981. In the end the U.S. took in 73,000. What has happened is that the U.S. Immigration and Naturalization Service (INS) has new qualifications for refugees. Says a Bangkok-based U.S. official: "Someone who was a refugee in 1976 might not qualify as a refugee in 1982. A person must be able to show he has a good reason to fear prosecution. Conjecture is not enough...
During a five-day visit to Southeast Asia last month, U.S. Attorney General William French Smith discussed the problem with Thai officials. Smith said that Washington was not going to increase this year's quota of 64,000 refugees from Indochina, though he did promise that the U.S. would do its best to accept as many refugees as possible, up to the maximum quota...