Word: cartelizing
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...last Wednesday, an exhausted Rilwanu Lukman, the Nigerian Oil Minister and president of the Organization of Petroleum Exporting Countries, emerged from a conference room at Geneva's Intercontinental Hotel to announce that the cartel had ended its longest meeting ever. After 17 days of bitter wrangling, OPEC had agreed to renew its two-month-old pact to keep oil production down in an effort to push up prices. The group intends to hold daily output to 17 million bbl. a day, up only slightly from the current 16.8 million...
Calling for faith in the free market, the Saudi Arabian oil minister and representative to OPEC on September 4 told a packed audience that the oil cartel must strengthen itself for "price stability in the long...
Calling for faith in the free market, the Saudi Arabian oil minister and representative to OPEC on September 4 told a packed audience that the oil cartel must strengthen itself for "price stability in the long...
Calling for faith in the free market, the Saudi Arabian oil minister and representative to OPEC on September 4 told a packed audience that the oil cartel must strengthen itself for "price stability in the long...
Within three days, the cartel endorsed the plan. It requires the Saudis to slash production from a July average of 5.8 million bbl. a day to 4.35 million. Kuwait and the United Arab Emirates are also called upon to make hefty cuts, reducing their combined output by roughly 40%, to some 1.85 million...