Word: cartelizing
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Throughout Central America and the Caribbean, governments are benefiting from a remarkable spirit of generosity on the part of oil-rich Venezuela, a founding member of OPEC and, with 2.2 million bbl. per day, currently the second largest producer in the cartel. In the Dominican Republic, Venezuelan money is helping to finance the construction of a $64 million hydroelectric project, housing, and a $2.3 million alcohol distillery. The tiny island state of St. Lucia (pop. 120,000) has opened a $400,000 asphalt plant, courtesy of Caracas. In Panama, officials are planning to erect a $100 million bridge to span...
Tumult in the diamond market has come as a real surprise. Oppenheimer's De Beers group supplies about 85% of the world's rough diamonds, and is by a wide margin the most influential member of the London-based Central Selling Organization, an international price-fixing cartel of diamond producers. In spite of the cartel's efforts to stabilize the market, diamond prices have fallen because of excessive speculation combined with a slack in demand...
Faced with an OPEC oil embargo in 1973, the country found enough willing sellers who were not members of the cartel to keep going nicely, while developing its coal and nuclear power. Within two years, thanks to conservation measures and its growing program to convert coal to oil, South Africa will meet 60% of its needs for oil and gasoline. Nor are international economic sanctions likely to give pause to the rulers in Pretoria. One ironic reason: although neighboring black nations would want to go along with a boycott, they could not for long because they depend so heavily...
...cartel's hard-liners argued equally insistently that the Saudis had to help tighten the market by cutting production and raising prices. For the past eight months Saudi output has crested at 10.3 million bbl. daily, or about 2 million bbl. more than the desert kingdom produced three years ago. This is a key reason why worldwide petroleum inventories are now bursting with some 2 million bbl. daily in excess crude oil output...
...deadlock was immediately obvious when the 13 ministers sat down Sunday evening in a private hotel dining salon for a secret preconference dinner. While the delegates ate lobster mousse and lamb noisettes, Yamani bluntly laid out the Saudi terms. The stonewalling response by cartel hard-liners led Conference Chairman Subroto of Indonesia to confess later that little remained except to "get through two days of meetings...