Word: cartelizing
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...Several cartel members are short of cash and badly need to sell every barrel of crude they can pump. One such country is Nigeria, which is burdened with a population of 80 million and a superambitious agricultural development program. In a desperate move to boost sales, the government last week threatened to slash a full $5 per bbl. off its officially quoted $36.50 price, in order to compete with non-OPEC oil from the North...
...balance, some oilmen think that the best possible outcome of the Vienna meeting would be no agreement at all. Instead of the familiar spectacle of cartel members announcing yet another price increase, OPEC's quarrelsome ministers may simply head home in scowling silence, sending the price of oil down even more...
OPEC has long been labeled a cartel, but it is really little more than an association of bazaar traders. A successful cartel, says any definition, must be able to control production and thereby set prices in good and bad times. The failure of OPEC to do that now makes it a sort of fair-weather cartel, strong in the late 1970s when the world's economies were buoy ant and had high demand for its oil, but weak now when Europe and the U.S. are less dependent upon its energy...
...attempt to create a tin cartel is likely to founder on some hard economic realities. The metal is mainly used to plate the steel in so-called tin cans. Canning companies use tin because it resists corrosion that can be caused by acids often found in foods. Tin consumption, however, has been declining for years. More and more food is being packaged in sealed plastic pouches, and tin users are experimenting with such substitute materials as aluminum...
...followed by monthly cutbacks of 5% until Israel withdrew to the 1967 frontiers. We were so focused on the danger of an embargo that we thought the production cutback largely symbolic. It was?but it had revolutionary implications. As it became progressively evident that the producer cartel could set prices nearly arbitrarily by manipulating production, a new phase of postwar history began...