Word: cartelizing
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...immediate focus is Bali, Indonesia, where the jet-about oil ministers of the 13-nation Organization of Petroleum Exporting Countries are gathering this week. The occasion will be OPEC's 59th ministerial meeting since the cartel was founded in 1960. Looming over all other discussions: whether to push up the cost of oil beyond the $30 Saudi benchmark price and the $37 per bbl. ceiling price set in June...
...little oil now being sold on the spot market is commanding about $40 per bbl. The price of heating oil on the East Coast is expected to increase from about $1 per gal. to perhaps $1.25 per gal. by early next year. Those rising prices are themselves encouraging cartel members to seek crude oil increases, thus intensifying the vicious circle of spiraling prices...
...next January." To the assistant's surprise, though, the Chief Executive seems unconcerned. "Don't worry," says the President. "This time it isn't going to matter. We will have another three solar satellites on line by early next year, so we can tell those cartel characters to take their oil and [expletives deleted...
...traded on the spot oil market have climbed as much as 30% since the outbreak of hostilities, to $39 and even $41 per bbl. Administration officials now fear this will spur militant members of OPEC to boost their own long-term prices correspondingly when representatives of the 13-nation cartel gather in Indonesia next month...
...Jenkins: "The steel industry is in a state of manifest crisis." While stockpiles have been climbing, prices have dropped about 10% to 15% since last year. In the past five years the industry has lost an estimated 145,000 jobs. The Europeans have long had a thinly veiled cartel arrangement that included voluntary quotas on steel production. But when the market went into a free-fall slump early this year, the agreement fell apart, and many companies began scrambling to undercut their competitors. Firms were often selling steel for much less than it cost to produce. Last month the Common...