Word: cartelizing
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...Harm. This was an astonishing exchange between members of the most successful cartel in world history, but by week's end tempers had cooled a bit. It became clear that the pricing rupture probably does not signal the end of OPEC. Yamani denied rumors that Saudi Arabia would quit the cartel, which would surely have meant its ruin. He also played down earlier threats that Saudi Arabia, already by far OPEC's biggest producer (8.4 million bbl. per day), would substantially expand output in order to undermine the higher prices of the opposing eleven. The radical Libyans...
...past three years, the Organization of Petroleum Exporting Countries has reigned as the world's most successful cartel ever, seemingly able to disregard both world public opinion and market forces. Between late 1973 and 1975, OPEC quintupled global oil prices, helping cause the industrialized world's most severe recession since the 1930s, and managed to make its inflated prices stick even through a worldwide glut of petroleum. Officials in the U.S. and other oil-importing countries kept wishfully thinking that OPEC would somehow split apart, but their hopes were always foiled −until last week. Then...
...Arellano is not an aberration, nor a return to the old days of banana republic politics, but a paradoxical confirmation of how far the role of United Fruit has evolved. In the spring of 1974, seven banana exporting countries got together and tried to assemble a banana producer's cartel in the style of OPEC. This might seem ludicrous, but the fact is that bananas are by far the world's most popular fruit, accounting for more than 40 per cent of the world trade in fresh fruits. Their initial goal was to levy a dollar tax on every...
...known oil reserves. Though they could produce 11.8 million bbl. of crude a day, the Saudis are limiting daily output to 8.5 million bbl. This hold-down allows other OPEC members to produce at capacity without causing so great a glut :? as to push prices down. As a result, cartel members must give great weight to Saudi views, and the Saudis have consistently talked moderation. At the cartel's last meeting in Bali in May, their A refusal to raise prices at all effectively determined OPEC policy. At the December meeting, significantly, they have pledged to use their influence...
Western economists hope that the oil cartel is aware of all this and will not take the risk of triggering another world recession. Says one expert: "OPEC members have realized that their rapidly expanding economies depend on the industrial world." The betting right now is for a 10% rise in the price of oil-which would, ironically enough, elicit a sigh of relief from all the nations that will have to pay the growing fuel bill...