Word: cartelizing
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...official opening two weeks ago of the Jwaneng diamond mine in Botswana, near the southern tip of Africa, should have been an occasion for celebration. After all, Harry Oppenheimer, 73, the chairman of De Beers, the cartel that controls the production and sale of most of the world's diamonds, has called the site "the most important primary deposit found anywhere in the world since the discovery at Kimberley more than a century ago." The rich ore of the Jwaneng mine is expected to produce 3 million carats of precious stones in 1982, and eventually 4.5 million carats annually...
...least temporarily, some industry analysts expect oilmen to begin replenishing their storage tanks. Energy Expert Lawrence Goldstein of the Petroleum Industry Research Foundation estimates that by autumn the non-Communist world's oil needs from OPEC will reach about 20 million bbl. per day. At present, however, the cartel's producers are pumping less than 17.5 million bbl. out of the ground...
Though the size of the reduction is modest, industry experts were impressed by the sheer fact that the fiercely nationalistic and independent-minded oil producers had agreed to any sort of production quotas. "Now you can call us a real cartel," crowed one senior OPEC staffer, after agreement was reached two weeks ago in Vienna. "What matters is not the production target alone, but the fact that we have set one, and announced it for the first time...
...deal, OPEC's total daily output is expected to drop from the early March level of 18.2 million bbl. to 17.5 million bbl. Some 500,000 bbl. of the cut will be sustained by Saudi Arabia, the cartel's largest single producer, with the remaining 200,000 bbl. being spread among other members. The group agreed to review its pricing and production arrangements in several weeks, when the organization's members gather for a previously scheduled spring conference in Quito, Ecuador. Said OPEC President Mani Said al-Oteiba of the United Arab Emirates: "If need...
...were about $6 per bbl. below the official OPEC benchmark price of $34 per bbl. If prices continue to slide, cash-hungry producers such as Algeria, Venezuela and Nigeria will be tempted to offer under-the-table deals to potential customers in order to take sales away from other cartel producers. To monitor compliance, OPEC decided to set up an oversight committee that will keep tabs on weekly production figures of all members...