Word: cartelism
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...OPEC never was a cartel, and it is less so now. I wish it were a cartel, because we would have much stronger enforcement of the rules...
Witnesses testified that a Japanese crime cartel called the Yakuza has moved into the U.S. with drug smuggling, gunrunning, gambling and pornography. The members operate under a brutal and feudal discipline and often tattoo their bodies from shoulders to thighs using needles that penetrate a quarter-inch, teaching initiates to withstand pain. One Japanese businessman claimed that four high-stakes casinos are run by the Yakuza in Manhattan in cooperation with the Mafia...
...United Arab Emirates understated the gravity of the situation. Ministers from six of the 13 members of the Organization of Petroleum Exporting Countries huddled for 1½ days last week at Geneva's Inter-Continental Hotel to devise a scheme to halt the slide in oil prices. The cartel's current crisis began two weeks ago, when OPEC member Nigeria followed price cuts made by nonmembers Norway and Britain...
Despite that support, OPEC will be bargaining from a weakened position when it meets this week. The cartel's share of the global oil market has declined from 47% in 1979 to 31% this year. While most OPEC members believe the approach of winter and the seasonal demand for heating oil will help bail them out of this crisis, they are likely to face another problem in the spring, when demand falls off. Even if OPEC agrees to tighter output quotas, many members may continue to flout those limits. "When we make a commitment, we must keep it," says...
...cartel oil ministers are due to meet in emergency session today to seek agreement on a hastily fashioned plan for cutting overall OPEC production by at least 1 million barrels a day. The present OPEC limit on production is 17.5 million barrels...