Word: outputted
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...attempt to halt the drop in prices, members of OPEC gathered in Vienna over the weekend and announced an agreement for a modest production cut of 200,000 bbl. a day to 18 million bbl. a day. It is the first time the members have agreed jointly to curtail output in order to stabilize prices. Nevertheless, a number of OPEC states are already badly in need of cash, and will be sorely tempted to increase production in the weeks and months ahead...
...program of slow and steady economic development, the country plunged headlong into accelerated industrialization. For a while, the campaign produced impressive results, creating nearly 1 million new jobs per year and propelling Mexico to the rank of the world's fourth largest oil producer, with an output of 2.7 million...
...Advisers, makes the point that $20 billion spent on, say, Social Security or unemployment compensation would represent less than 1% of the U.S.'s gross national product. By contrast, the same amount of money if spent on weapons procurement would constitute perhaps as much as 20% of the output of the defense contractors, creating price-boosting jolts that would be magnified many times over as they rippled out into the general economy...
Saudi Arabia, which produces 40% of OPEC's oil, holds the key to any agreement that would keep prices from plunging still further. The Saudis could dry up the supply glut singlehanded by slicing their output, now at about 7.5 million bbl. per day, to 5 million bbl. But the House of Saud cannot go below 6.2 million bbl. per day without dipping into capital reserves to finance a variety of ambitious construction and industrialization plans. The Saudis are also reluctant to step out on a limb within OPEC. Says Lawrence Goldstein, research director of the Petroleum Industry Research...
...December output and may fall further as a result of the Reagan Administration's formal halt to Libyan imports last week...