Word: cartelizing
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...likely. If the shortage has been "contrived" by anybody, it has been by the 13 members of the OPEC cartel, who have reduced crude-oil pumping 7% to 10% in support of the 14.5% price boosts they have imposed so far this year. The cutbacks have turned last year's world oil glut into a global shortage, which the resumption of exports from Iran has not relieved. U.S. imports, which now account for half the nation's oil consumption, are running 8% below two years ago, when demand was much lower...
...real and immediate reason why supplies are tight is that overall output by the 13-nation OPEC cartel, which produces nearly half the world's oil, has been cut by between 7% and 10% since December, when shipments from Iran first stopped. Now that Iran is back to exporting, at two-thirds normal capacity, Saudi Arabia, Libya, Kuwait and other oil states are reducing their own deliveries to keep the market tight...
...mother bear guarding her cubs. Yet such technology is precisely where the U.S. has an edge, and could expand in what will be a growing industry in years to come. For many American businessmen and politicians, the NTT case is a perfect example of how Japan's cartel-like industry, in alliance with major trading houses, is able to preserve its profit margins by holding sway over the ruling Liberal Democratic Party, which is largely financed and backed by big business and farmers...
...cartel's share of the world market has dropped slightly, from 65% in 1973 to 58% now, as a result of increased output from Alaska, Mexico and the North Sea. But it would be foolhardy to expect that OPEC will any time soon lose its ability to control prices. Saudi Arabia alone has more than 25% of all proven world reserves; its daily output of 8.5 million bbl. is indispensable to Western Europe and Japan, and provides more than one-fifth of all U.S. crude imports...
...first and biggest boost is made by the Saudi government. Its royalties, fees and taxes bring the price per barrel up to the cartel rate of $14.55, or 35? per gal. Shipping adds about $1.25 per bbl., or 3? per gal. But the actual cost of the journey is perhaps no more than a few cents a barrel. The difference is the profit for the tanker operators to help cover the expenses of maintaining huge, often idle fleets and sending empty tankers back to the Middle East...