Word: cartelizing
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...Countries gathered under unusual circumstances last week amid lush tropical greenery on the resort island of Bahi, Indonesia. For the first time in the group's history, two of its members were at war, and the battlefield confrontation threatened to spread into the conference room, thus weakening the cartel's fearsome control over oil prices. But after a two-day meeting, the OPEC nations agreed unanimously not to let the war between Iran and Iraq get in the way of boosting the price of oil by $2 to $4 per bbl. The price of Saudi Arabian light crude...
...broke off diplomatic relations last October when Libyan President Muammar Gaddafi urged Muslims not to make their annual pilgrimage to Mecca because he claimed that the shrine had been desecrated by U.S. radar surveillance planes flying overhead. And after the outbreak of the war between Iran and Iraq, the cartel had to cancel a gala meeting in Baghdad in November that was to have celebrated the group's 20th anniversary...
Some energy experts, nonetheless, maintain that the Bali agreement showed again the difficulty that the cartel is having agreeing on prices. Said one European Community official: "You can hardly call a meeting at which over half the tune was spent arguing about a war between the two most powerful military members a resounding show of unity." For more than two years, Saudi Oil Minister Ahmed Zaki Yamani has been trying to restore a unified price for OPEC crude. But the spread between the Saudi bench-mark or "marker" price and the cartel's ceiling price after the Bali meeting...
...White House reacted strongly to the latest oil cartel action, but the protest sounded similar to those of past years. Said presidential Press Secretary Jody Powell: "We do not consider these increases to be justified, particularly in the light of the good record of the U.S. and the industrial world in restraining demand...
...disguise has been penetrated and the great eccentric has been identified, such suspense as The Formula manages to generate comes to an abrupt and early end, though whatever fun and frolic the film offers depends solely on his occasional presence as the comically menacing leader of an oil cartel. Perhaps one should say the oil cartel. The movie traffics heavily in this kind of simple-minded paranoia. It insists that evil lurks in a single all-powerful force possessing the power to warp men's minds, condition their behavior and, of course, bump them off wherever they live...