Word: cartelized
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...from $13 to $40 per bbl. In Rotterdam, hub of Europe's volatile crude-oil spot market, small cargoes last week were selling for anywhere from $4 to $5 per bbl. above the long-term average rate of approximately $32 per bbl. that the 13-nation OPEC cartel is now charging...
Even in the normally supercharged atmosphere of petro politics, last week's meeting in Vienna of foreign, finance and oil ministers from the 13-member OPEC cartel was highly unusual. The Austrian capital is OPEC's administrative headquarters, but no meeting of oil ministers had been held there since December 1975, when pro-Palestinian terrorists kidnaped some of the delegates and held them hostage. Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, the principal target of the 1975 raid, was taking no chances on a repeat performance. First he sent his private plane to Vienna...
...those surroundings of tight security and contention, the oil cartel last week was seeking to reach agreement on a long-range pricing and production strategy. Several key OPEC countries, including Saudi Arabia, want to replace the current erratic increases in the cost of crude oil with a system of regular quarterly price hikes that would be tied to the level of inflation in industrialized nations. The Saudis are also anxious to return to a unified OPEC oil price. Since last July, rates have ranged from $28 to $37 per bbl. Prior to the meeting, the Saudis hinted that they would...
...Western observers, who had feared that a drop in Saudi production would lead to a new escalation of oil prices, sighed with some relief after the meeting. But the session again showed how much the oil-importing nations and their economies hang on the decisions of the fractious oil cartel...
...countries did not follow its lead. Now the Saudis are pumping oil at the rate of 9.5 million bbl. per day, which is 1 million more than before the fall of the Shah of Iran and near to their current capacity. They have thus lost their leverage over other cartel members. The Saudis could not convince the other OPEC members that they should agree on a lower ceiling price. In fact it took four hours of extra bargaining for Yamani to persuade Iran Oil Minister Ali Akbar Moinfar, whose country produces about one-tenth as much petroleum as Saudi Arabia...