Word: cartellization
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Continuing a rash of price-gouging moves by many oil nations, Nigeria, the fourth largest producer in the 13-nation OPEC cartel, indicated that it was planning to tack on an export surcharge of perhaps as much as 17%. That advance will add further pressure for a fresh round of inflationary increases early next week, when OPEC ministers plan to meet in Geneva. Indeed, by an ironic White House oversight, Carter is expected the same day to play host to the signing of the Egyptian-Israeli peace accords in Washington. Arab hardliners, such as Iraq, Algeria and Libya, could well...
...cartel's profit motive was much in evidence at an Arab energy conference in Abu Dhabi last week. Delegates bitterly attacked Western oil companies for trading oil back and forth among themselves at extortionate prices on the small but highly volatile spot market. Mani Said Utaiba, Oil Minister of the United Arab Emirates and president of the cartel, suggested that at its next meeting on March 26 in Geneva, OPEC should take up the idea of blacklisting offending companies and refusing to sell oil to them...
...regime tirelessly proclaims that it will never again sell the 5.5 million bbl. per day that made prerevolutionary Iran the second largest oil producer in the 13-member OPEC cartel. On the other hand, the country's strife-battered economy desperately needs the hard foreign money that petroleum brings in. Since the Khomeini government has not yet figured out what its revenue needs will be, NIOC has been unable to gauge how much oil it will have to pump. In the uncertainty, Iranian authorities have been grabbing projected export figures out o the air, with semiofficial guesstimate ranging from...
...cartel members are jabbing up prices because the panicky rush for supplies by oil companies on the small but highly volatile "spot market" shows that they can get away with it. Normally most petroleum is bought by oil companies under long-term contracts with OPEC suppliers, but 3% to 5% changes hands for whatever price a seller can get. In times of scarcity, demand surges-and so do prices...
...shortages continue and demand remains high, the spot premium will simply be imposed on the higher posted cartel price. That would mean we will have, sooner or later, another OPEC increase following the first increase. And the higher OPEC price will not increase the supply of oil in world markets by one single barrel...