Word: cartelizing
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...banner headlines with every pronouncement, had become a group of divided and argumentative men, powerless to halt a long slide in petroleum prices. Last week, though, OPEC suddenly sprang from its deathbed and caught the world's attention once again. After nine days of tense meetings in Geneva, the cartel adopted a plan to slash its daily oil production by some 17% in the hope of driving prices back up. The move, like the appearance of a ghost, both surprised and disconcerted the industrial nations and gave at least a temporary morale boost to the world's petroleum producers...
...length of time. One or more of its members have always managed to cheat on agreements. Moreover, the current plan is only an interim one. It takes effect on Sept. 1 (the delay results mostly from existing contracts that must be honored) and expires on Oct. 31. The cartel has no guarantee that its members will renew the pact...
Sheik Yamani is Saudi Arabia's representative to the Organization of Petroleum Exporting Countries (OPEC), a cartel of oil-rich nations currently experiencing severe problems in the glutted market. The Saudis, largely viewed as the leader of OPEC, are the largest petroleum producers in the world...
...Social Democratic leaders across Western Europe are increasingly pro-business. Says Herbert Giersch, director of the Institute of World Economics at the University of Kiel, West Germany: "The European Commission, even under a socialist president, is pushing toward a decontrol of the capital market, a breakdown of the airline cartel and reform of agriculture policy...
...OPEC go from a strategy of one-for-all to a free-for-all? The cartel's disintegration began in 1981, when prices started sliding because of worldwide overproduction, partly caused by consumption cutbacks in many oil- dependent nations. To sop up the surplus, OPEC imposed output limits on its members. But that only provided a chance for such new producers as Mexico and Britain to steal business from OPEC countries, whose market share consequently dropped from 63% in 1979 to 38% currently...