OPEC at high noon 1974-1981

OPEC at high noon 1974-1981 Adelman, Morris Albert After 1973, oil consumption stagnated worldwide. Non-OPEC output increased, mostly in Alaska, Mexico, and the North Sea, but not because of the price rise. The cartel nations had to assume the whole burden of cutting back output to maintain price. The demand for OPEC oil, the difference between total demand and non-OPEC supply, declined accordingly. From early 1974, current producing capacity much exceeded current output. The oil companies were