Word: quota
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Stormy meetings of the oil ministers last May and again in December failed to resolve the problems of quota cheating and price discounting. Pressure on the Saudis reached a peak last month. Their four main oil-company customers-Exxon, Mobil, Texaco and Standard Oil of California-threatened to turn to other suppliers if the Saudis did not lower their price. At conferences in London and Geneva, Yamani huddled with top executives from the four firms, who brought confidential figures to show the oil minister how much they were losing by staying with Saudi crude...
Before long, the Saudis made a last-ditch effort to seal the cracks in OPEC'S unity. At a meeting in Bahrain of seven of the organization's members, Yamani offered to lower the Saudis' production quota if the others would accept new ceilings and stick to them. The ministers reached a tentative agreement and decided to convene a full OPEC meeting in Geneva...
...overseeing the production of 2 million tons of canned meat a day." Two million tons is 4 billion lbs. With a global population of 4.585 billion this is almost 1 lb. of meat a day for every person in the world. No wonder the plant cannot meet its quota...
...past five months, U.S. and Chinese officials have sat through four rounds of discussions in Peking to replace the two-year accord on textile shipments that expired Dec. 31. When the U.S. warned that it would unilaterally impose its own quotas if an agreement could not be reached, Chinese officials promptly threatened retaliation (possibly with cutbacks on imports of American agricultural products). Last week the talks finally collapsed, and the new one-sided quota went into effect. On leaving Peking, Peter Murphy, the chief U.S. negotiator, tried to strike an optimistic note. Said he: "The Chinese are not yet anywhere...
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...