Word: cartelized
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...brightened energy outlook. World oil supplies are ample, and the price of crude is more likely to sink than spurt. In an effort to raise cash, several members of the Organization of Petroleum Exporting Countries have been overshooting their production quotas and offering customers discounts off the cartel's $34-per-bbl. official price. "OPEC's quota and pricing system may be on the verge of breaking down," said Board Member James McKie, an economics professor and energy expert at the University of Texas. If that happens, McKie added, oil prices could fall...
...rates began at last to decline. Even so, many countries found themselves increasingly strapped for dollars with which to pay their mountainous debts. Among the most surprising victims were a number of oil-exporting nations: Mexico and Nigeria, to name two. Two years ago, the 13-nation OPEC oil cartel gloatingly held the world at ransom for crude oil at prices that eventually exceeded $40 per bbl. But the combination of recession and conservation caused prices to weaken, and by year's end the price of crude had dropped to $30 per bbl. and appeared to be headed even...
...become abundantly clear since last March when Saudi Arabia, the group's biggest producer at 7.5 million bbl. per day of output, forced through what amounted to a 9.6% production cut. Its purpose: to take up slack in the market and prevent petroleum prices from slipping below the cartel's official $34-per-bbl. bench-mark level. Once they had agreed to the cuts, Iran, Libya, Venezuela and several other cash-squeezed member states began pumping crude at levels above their ceilings (see chart), as well as discounting the price to their customers. As a result, by last...
This weekend, when the ministers of the world's least loved cartel gather in Vienna, the session is apt to be the stormiest ever. The members are poorer than they once were; oil exports lifted the current account balance of the OPEC nations to a record $109 billion surplus in 1980, but this year there will be a deficit, estimated at more than $15 billion. The delegates must face the painful fact that they can no longer control both prices and production at high levels, a nettlesome problem because OPEC members have shown little inclination to live with production...
...about 10%, which would legitimize the cheating with a return to pre-March levels, while perhaps trimming their own output to keep the glut from growing worse. At the same time, the Riyadh government would stand ready to provide low-interest loans to help tide over financially squeezed cartel members until the world economy starts to recover and, the Saudis hope, oil sales begin to improve...