Word: outputted
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...gloom that has enveloped the industrialized West since the Arabs unsheathed their oil weapon in October lightened last week. Arab nations announced an easing of their production cutbacks-and around the world, there was growing suspicion that they never did slash oil output as much as they had proclaimed. Europe, heavily dependent on Middle East oil, seems surprisingly well supplied, and TIME uncovered evidence that Arab petroleum has been leaking into the U.S., too, despite a supposedly total embargo...
...meeting in Kuwait, the Arab oil nations unwrapped a surprise package of moves that added up, at least in theory, to the first easing of their 2½-month-old oil offensive. They promised to raise production in January rather than slash it further as originally planned; output has supposedly been running 25% below September levels, but now the cut will be trimmed to 15%. The Arabs publicly maintained a total embargo on shipments to the U.S. and The Netherlands but added hard-pressed Japan and tiny Belgium to their list of friends. That means that these countries will...
...much the Arabs have reduced oil output is impossible to determine, but the quantity of oil moving in world trade seems greater than could be expected after a genuine 25% slash in Arab output. Some indications...
...short of meeting demand suggests that growth may be virtually zero. If that happens, unemployment will more than double, to about 2.7% of the labor force; the hardest blow, however, will fall not on Germans but on the many foreign workers in German factories. Real personal income will fall. Output of the auto, construction and household-appliance industries could well go down...
Manser does opine that if the three-day week lasts only a month or six weeks into 1974, industry can probably recover the lost output in the remainder of the year-provided that the Arabs decide to make enough oil available...