Word: cartelism
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...improve the living conditions of the country's poor. But the investment fund goes a long way toward fulfilling one of Pérez's principal objectives: to offer other Latin nations an alternative to Washington's leadership. Venezuela has pledged $50 million to an incipient cartel of five Latin American nations. The loan is to enable them to cut coffee production in an attempt to prop up prices. In addition, Venezuela and Mexico are the main forces behind an embryonic Latin economic community that aims, among other things, to create multicountry firms to export the region...
Foremost in OPEC planners' minds as they prepare for these meetings will be what they regard-not inaccurately -as the strategy of the consuming countries to crack the cartel's price front. Last week, for example, delegates of the 18 oil-consuming nations that make up the International Energy Agency met in Paris to work out their own position regarding the oil states. The U.S. position has been that it would not attend the April meeting unless it had strong backing within the IEA on at least one or two proposals aimed at helping to free the industrial...
...Kissinger and President Ford on the possibility of using force to prevent economic "strangulation" of the West by the oil producers. Algeria had proposed that OPEC members make a blunt pledge to impose another oil embargo if any member was attacked, but the final declaration merely noted that the cartel would take "immediate and effective measures to counteract such threats with a united response...
...caused in part by towering oil prices, has sharply reduced demand for OPEC crude. This has lowered revenues for oil producers, who have had to cut production. OPEC output, which averaged 33 million bbl. a day in 1974, is now down to an average rate of 27 million bbl. Cartel officials note that even with shrinking demand, oil producers are taking in more money now than they were a few years ago. Yet the more production falls, the closer OPEC comes to an exquisitely difficult political problem: how to apportion cuts within the cartel so that no member suffers more...
...agreement that commits Iran to spend about $ 12 billion on American goods and services, including up to eight nuclear reactors, over the next five years. The State Department insists that the deal has nothing to do with American policy toward OPEC. Yet the better U.S. relations are with individual cartel members-and the more dependent these countries are on American equipment and technology-the more influence the U.S. will have on OPEC as a whole...