Word: cartelizing
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Though the oil ministers did much rhetorical waltzing during the two-day session, they were never able to break the deadlock that has for months gripped the cartel. Saudi Arabia has been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from...
...first occurred in the wake of the Iranian revolution and later during the Iran-Iraq war, prices will remain stable for perhaps the next 18 months or so. Said Energy Economist James McKie of the University of Texas, who joined the TIME board last week: "I think the cartel will maintain a real price in 1980 dollars of around $35 per bbl. I don't anticipate that there will be any major decline below that level. But in the absence of some new supply disruption, I do not think that there is going to be much increase above...
...weak oil market is now putting OPEC on the spot. During 1980, the cartel's production dropped to nearly a decade low of 27 million bbl. a day, even though Saudi Arabia, the group's single biggest producer, has since last autumn been pumping daily almost 2 million bbl. over and above its self-imposed output ceiling of 8.5 million...
COMPETITION. While Western businessmen often regard Japan as a giant cartel, competition is actually fierce. Japan's thriving domestic market is the principal battleground for most Japanese companies. The products shipped abroad have such high quality and low price in large part because they have already survived the domestic Japanese market. In 1955, for example, the leading motorcycle company in Japan was Tohatsu, while Honda was a distant No. 2. By 1964 the more competitive Honda dominated the local
Indeed, a plan to tighten the market back up, was precisely what the six OPEC ministers had gathered in Geneva to discuss. At the meeting was not just Saudi Arabia's Sheik Ahmed Zaki Yamani, whose nation accounts for almost half of the cartel's oil output, but representatives of Kuwait, Nigeria, Algeria, Indonesia and Venezuela as well...