Word: cartelizing
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...delegates get down to negotiations in Tokyo's Geihinkan, an elaborate Oriental replica of Versailles, the first question for the seven summit leaders is what to do about the world's most effective cartel, the Organization of Petroleum Exporting Countries. OPEC representatives will meet in Geneva two days before the Tokyo assembly begins, and they will almost certainly approve yet another hike in the posted price for crude, which now averages $17 per bbl. Some Administration officials have been arguing for a tough line against OPEC, and believe that the U.S. should even use economic clout...
...detailed plan for equitably allocating OPEC supplies among the consuming countries, combined with some sort of joint conservation target. Proposals for an outright buyers' cartel to control consumption, much as OPEC controls production, are thought to be too ambitious. A more realistic expectation is a simple extension of the one-year 5% cutback in oil imports pledged by the 20-nation International Energy Agency last March...
...third, time in six months, the price-fixing cartel will lift the cost of its crude, and the question is how much more of such treatment the world economy can endure. Since last December, official, cartel-wide increases have pushed up the basic cost of mankind's most important energy resource by 14.5%, gravely inflaming global inflation. Worse, surging demand has enabled the OPEC nations to tack on one premium and surcharge after another, raising the actual price for most grades by as much as 30%, to $17 or more per bbl. Next week such cartel militants as Iran...
...price rise will be too much. The world is still struggling to recover from the cartel's first blast of increases in 1973 and 1974, and the almost weekly current jumps have kept economists busy scaling back their global growth forecasts for 1979 and the 1980s...
...subsidy plays directly into the hands of the OPEC cartel. By risking a wild scramble for imported heating oil, the Administration is, in effect, encouraging oil producers to raise their already extortionate crude prices all over again. After all, why not do so if the U.S. keeps coming up with fresh schemes for paying the money? That seemed OPEC's view, as its secretary general, Rene Ortiz of Ecuador, declared last week that he would like an increase of at least 25%, to a new base of $20 per bbl., when the cartel meets in Geneva on June...