The oil exporters, in the final analysis, thought in terms of revenues. In 1967, they had pulled back from an embargo because they had found that their total earnings fell. Having learned that lesson, King Faisal had been reluctant, at least through 1972, to resort to the oil weapon. But now, with the price per barrel skyrocketing, the exporters could cut back on volumes and still increase their total income. They could sell less and still earn more. Looking at their earnings, they might decide to make the cuts permanent and never bring the missing barrels back to the market, which could mean
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