Word: cartelizing
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Amid obvious signs of concern about falling world oil demand, leaders of the Organization of Petroleum Exporting Countries gathered in Algeria last week for their first summit conference. Declining oil revenues in recent months have caused small but telling fissures in the cartel's unity, and they were apparent from the start of the meeting. Four of the 13 OPEC chiefs, including King Faisal of Saudi Arabia, the biggest oil producer, did not even show up, but sent representatives instead...
Grand Policy. The main purpose of the three-day summit, held in the isolated beach resort of Club des Pins outside Algiers, was to fashion a united policy for the cartel for a grand negotiation with consumer nations, perhaps this summer. Though much of the OPEC rhetoric was as blustery as ever, there were clear indications that the oil producers were ready to bargain with the countries that have been struggling to pay for the fourfold increase in oil prices over the past 1½ years...
...cartel members agreed to accept France's invitation to Saudi Arabia, Iran, Venezuela and Algeria to represent OPEC at a preliminary meeting in Paris on April 7. They will sit down with representatives of the U.S., Japan and the Common Market countries, along with delegates from Brazil, India and Zaire. The April meeting will lay the groundwork for a full-dress conference between oil producers, industrial nations and Third World countries later...
...tariffs, excise taxes and deregulation of domestic-oil and natural-gas prices in order to raise energy costs enough to force a 1 million-bbl.-per-day reduction in oil imports by the end of the year. One main aim: to in crease economic pressure on the OPEC oil cartel by encouraging stringent energy conservation efforts in other oil-consuming countries...
...cause is a sharp drop in the growth of world oil consumption since the cartel countries dictated their four fold price increase last year. A 7% de cline in West European oil imports since then has sent tanker charter rates plunging. Before the oil embargo started in October 1973, the cost of a spot charter (one or two trips) of a 220,000-ton super tanker for the 11,000-mile round trip from the Persian Gulf to Rotterdam reached a record $8.8 million. By mid-November, the rate had fallen to $2.6 million. Today a 220,000-ton tanker...