Word: cartelizing
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...international competition. Even when the U.S. attempted, unsuccessfully, to limit its agricultural output, the purpose was to prevent market prices of food from falling below farmers' cost of production in order to keep the farmer in business?an argument that hardly applies to OPEC. Since 1960, when the cartel was founded, the wheat that OPEC nations import, the planes they buy for their airlines, the steel they use for their industries and the American limousines that some sheiks enjoy, have increased in price much less than oil (see chart page...
...production costs. They do not actually "produce" petroleum; they merely?by a quirk of geography?possess it. Foreign technologists found and developed the oil, and foreign risk capital built most of the rigs, pumps, refineries, pipelines and harbors. Only the existence of the OPEC cartel, with its ability to impose prices by fiat, keeps up the cost...
...however, was unenthusiastic about Witteveen's proposals. Treasury Secretary Simon opposes new recycling schemes, regarding them as stopgap measures. They can do no more than delay the day when the oil importers face the reality that they can no longer afford to pay the cartel's price. After all, the money that OPEC channels into a recycling facility is not donated; it is lent and must be repaid?with interest...
...Iraqi newspapers that representatives from Venezuela, Saudi Arabia, Iran, Kuwait and Iraq had decided "to create an organization for regular consultation and for the coordination of oil policies." Yet from this modest and seemingly innocent beginning, the Organization of Petroleum Exporting Countries has become the toughest and most powerful cartel in history. OPEC has grown to 13 members,* and its ukase sets the export price for oil, thus exercising an unprecedented influence on the economies of almost all countries. Its recent success has inspired the countries that produce copper, tin and other basic materials to talk about forming their...
...periodic conferences of the cartel's oil ministers, the real power is wielded by five members of this new generation. The two most important are a pair of rivals: Saudi Arabia's Harvard-educated Sheik Ahmed Zaki Yamani, 44, who publicly argues for slightly lower prices, and Iran's Cornell-educated Jamshid Amuzegar, 50, who argues for even higher prices. The other three are Kuwait's Abdel Rahman Atiqi, 44, Algeria's Belaid Abdessalam, 43, and Iraq's Saadun Hammadi, 44. Last year Hammadi excused himself for arriving late at an OPEC conference: "Sorry...