Word: cartelizing
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...miniglut cools off demands from the cartel...
...Algiers decision reflects some change in OPEC's pricing philosophy. Usually the cartel has fixed a floor price and agreed not to sell oil for anything less. Since the Iranian revolution set off the latest world oil shortage, the difference between the floor price and the top rate charged by some OPEC members has grown considerably. Now the new ceiling price policy should limit the oil escalation by hawks like Algeria, Libya and Nigeria...
...agreement to set a maximum price was forced on the cartel by the current miniglut of oil. Greater conservation and the sharp recession in the U.S. have decreased the world's thirst for petroleum. OPEC's economics experts told the ministers at the beginning of the meeting that world oil production is now about 1 million to 2 million bbl. per day greater than demand. The excess output is acting as a restraint on countries wishing to push the price of oil ever higher. Said Sheik Ahmed Zaki Yamani, the Saudi oil minister, after the meeting: "The agreement...
...been willing to make, but this administration has timidly avoided. There are sacrifices aplenty to be made everywhere in society--by the profiteers in the weapons industry, by the bankers charging never-before-contemplated interest rates, by the energy companies growing rich off the price-rises of the oil cartel and then editorializing about the evils of regulation, asking for the freedom to make even more. The government should ask them to sacrifice at least as much as the average American; they can afford much, much more...
Even while the conferees were acting, foreign oil producers were once again showing the U.S. just how vulnerable it is to the pricing whims of the 13-nation OPEC cartel. After a four-month calm, price-raise fever broke out anew among cartel members, as one nation after another began tacking $1 and $2 premiums to the cost of various grades of crude...