But all three have reduced their purchases in the secondary market.

Will it substantially reduce our purchases of middle east oil?

Last week, Delta said it would lay off up to 200 pilots beginning in December and reduce its purchases of new planes.

Institutional salesmen said buyers had a greater tendency to reduce their purchases when prices were rising, and to wait for dips in prices to buy.

Japan's action, which will reduce its purchases of Iranian oil to 200,000 barrels a day, was confirmed today by oil industry executives in London.

As a consequence of the decision to reduce inventory, therefore, many companies substantially reduced their purchases of supplies or raw materials.

In spring Russia suddenly reduced its purchases of Turkmenistan's gas by 90pc, also without any penalties.

That is now hurting sales, the company said, as wholesalers reduce their purchases in an effort to lower their inventories.

Prices plunged to 50 cents a pound from $2 after the Japanese reduced their purchases.

As a result, they reduce their purchases or drop out of the market entirely.