He also acknowledged a "growing conflict between downward pressure on economic growth and excess production capacity".
This is indeed what happened and to keep them high the ITC bought in and stored excess production.
" He said boosting farm income through direct payments will help stabilize the agriculture economy yet "not encourage excess production.
It just does not make sense to believe that they have excess production capacity but that it somehow does not fit with the worlds refining capacity.
Saudi engineers have been working on several big projects that could boost the nation's output by 1.3 million barrels a day--more than the expected increase in global demand next year--but the secretive nation is "likely to keep its political tool, excess production capacity, close to its chest until it has a new U.S. president to win over, " Edward Morse writes.
Unlike virtually all other commodities, the amount of gold in inventory is vastly in excess of its annual production.
For example, if one adds up the wet-gas production from all the shale-gas plays, the answer would be far in excess of the total dry-gas production nationwide.
The result has been production capacity far in excess of Chinese consumers' willingness or ability to consume.
There is more to this than the eradication of excess capacity or the shift of production inland.
This prompted TXN to cut production and clear out excess inventory.
Three counties have been picked to test a new system of small farms, which will be allowed to keep 30% of their production quota, and any excess.
Reforms reportedly have been adopted in areas worst hit by famine to reduce the number of families per plot and establish a production quota above which farmers can keep the excess.
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We described how relaxation of depreciation rules in the early 1990s led growers to plant excess acreage in Australian vineyards, producing a 40% hike in production and a massive grape glut.
Firms had cut production to below the level of sales in order to shed excess inventories, so now they need to reopen factories.
Having the most excess capacity, Good tells Forbes if any OPEC country were to cut production, it would be Saudi Arabia and since they refused, OPEC had to keep levels where they were.
Mr Franzia, who anticipated the glut, cut production at his own vineyards and then stepped in to buy the excess grapes at a knock-down price.
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To rebalance an economy with excess capacity and to continue growing, China needs domestic consumption to grow much faster than domestic production for many years.
The IEA estimates that shale-gas production emits 3.5% more than conventional gas, and 12% when it involves venting excess gas.
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"There has been excess pipeline capacity coming from western Canada for more than a year, and you haven't seen significant production growth, " says Pursell.
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