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Art.1 |
Article 1 |
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Art.2 |
Article 2 |
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Art.7 |
Article 7 |
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Art.7.1 |
1. When allocation of oil is carried out pursuant to Article 13, 14, or 15, each Participating Country shall have a supply right equal to its permissible consumption less its emergency reserve drawdown obligation. |
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Art.7.2 |
2. A Participating Country whose supply right exceeds the sum of its normal domestic production and actual net imports available during an emergency shall have an allocation right which entitles it to additional net imports equal to that excess. |
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Art.7.3 |
3. A Participating Country in which the sum of normal domestic production and actual net imports available during an emergency exceeds its supply right shall have an allocation obligation which requires it to supply, directly or indirectly, the quantity of oil equal to that excess to other Participating Countries. This would not preclude any Participating Country from maintaining exports of oil to non-participating countries. |
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Art.7.4 |
4. The term "permissible consumption" means the average daily rate of final consumption allowed when emergency demand restraint at the applicable level has been activated; possible further voluntary demand restraint by any Participating Country shall not affect its allocation right or obligation. |
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Art.7.5 |
5. The term "emergency reserve drawdown obligation" means the emergency reserve commitment of any Participating Country divided by the total emergency reserve commitment of the group and multiplied by the group supply shortfall. |
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Art.7.6 |
6. The term "group supply shortfall" means the shortfall for the group as measured by the aggregate permissible consumption for the group minus the daily rate of oil supplies available to the group during an emergency. |
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Art.7.7 |
7. The term "oil supplies available to the group" means |
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Art.7.7.ax |
-all crude oil available to the group, |
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Art.7.7.bx |
#NAME? |
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Art.7.7.cx |
#NAME? |
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Art.7.8 |
8. The term "final consumption" means total domestic consumption of all finished petroleum products. |
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Art.18 |
Article 18 |
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Art.18.1 |
1. The term "base period" means the most recent four quarters with a delay of one-quarter necessary to collect information. While emergency measures are applied with regard to the group or to a Participating Country, the base period shall remain fixed. |
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Art.18.2 |
2. The Standing Group on Emergency Questions shall examine the base period set out in paragraph 1, taking into account in particular such factors as growth, seasonal variations in consumption and cyclical changes and shall, not later than 1st April, 1975, report to the Management Committee. The Management Committee shall make proposals, as appropriate, to the Governing Board, which, acting by majority, shall decide on these proposals not later than 1st July, 1975. |
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Art.26 |
Article 26 |
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Art.26.1x |
The term "oil companies" means international companies, national companies, non-integrated companies and other entities which play a significant role in the international oil industry. |
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Art.28 |
Article 28 |
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Art.28.1x |
Information provided on a "non-proprietary basis" means information which does not constitute or relate to patents, trademarks, scientific or manufacturing processes or developments, individual sales, tax returns, customer lists or geological and geophysical information, including maps. |
