OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel.

Most pipeline owners set output quotas to make an oil field last for up to 20 years.

OPEC members will start a new round of talks here on how to parcel the total new output quota among themselves.

With the modern emphasis on quality, teams are required to ensure quality standards are given higher emphasis than simply reaching output quotas.

OPEC's output quota will remain at 28 million barrels a day for the time being.

Industry officials and analysts agree that OPEC has been above its output quotas for most of the summer, but they are divided as to how much.

Previously, in the strict centrally planned system, enterprises had been assigned output quotas and inputs in physical terms.

The Government has followed a course of gradual reduction of output quotas.

Direct control is exercised by designating specific physical output quotas and supply allocations for some goods and services.

August 4: Reports of probable OPEC agreement on output quotas sends oil prices higher.