Brazilian Oil Workers Strike, Cutting Output by At Least 300, 000 Barrels per Day.
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Crude prices have retreated somewhat after a senior OPEC official stated that the oil market was oversupplied and that Saudi Arabia has responded by cutting output.
If events take a similar turn this time, Mr Lewis reckons, OPEC will have to keep cutting its output for another year.
The BBC is already cutting its workforce and output after Cameron's government imposed deep spending cuts and any loss of public trust could prove an issue in future discussions over funding and the licence fee.
Research by economists Carmen Reinhart and Kenneth Rogoff indicates that debt-to-GDP ratios above 90% have a dire effect on output, typically cutting GDP by a full percentage point annually.
The latter policy will enable industries to respond to price surges and slumps, boosting and channeling output where demand is up and cutting back where it is falling.
He also blamed the downgrade on the economic management of previous governments and added that France was still committed to cutting its public deficit to 3% of output next year.
That means output from hydroelectric plants will be down, cutting off a possible source of electricity for the state.
Cost-cutting, which in a way means increased productivity (if output increased, as appears to be the case from expected GDP increases and continued momentum), came in second, responsible for 7, 659 workers losing their jobs.
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The 400PT is a heavy monster that won't slide around the floor and it has cutting-edge electronics that measure heart rate, calorie burn and power output by the watt.
But Saudi Arabia, OPEC's biggest producer, which would be responsible for the biggest share of any reduction in output, has not yet endorsed the idea of a cut and will not want to do all the cutting itself.
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