On March 14, 1983, to restore control over the world oil market, oil exporters agreed to cut oil prices for the first time in 25 years since the organization was founded. The 13 oil exporters gathered in London also stipulated a daily oil production of not more than 17.5 million barrels, less than the current maximum of 1 million barrels per day, but still at least 3.5 million barrels higher than the current actual output. Since 1974, oil prices have risen from less than $5 per barrel to $35. The new agreement as a benchmark puts Saudi Arabia¡¯s price of light oil to 29 million barrels per day, a 15% reduction. The oil exporters¡¯ action is due to a sharp price rise, urging consumers to take measures to protect their members in the situation of a large drop in sales prices. Representatives of oil exporters,