Word: cartellization
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Maybe it was the fleshpots and schlag parlors of lovely Vienna, amid which the Organization of Petroleum Exporting Countries assembled for its quarterly meeting last week. Whatever the reason, the gathering of the 13-nation cartel that controls about two-thirds of the non-Communist world's crude oil eventually dissolved into a Mad Hatter's tea party of illogic. The sharply rising oil prices imposed by O.P.E.C. in the course of the past year have been largely responsible for spiraling international inflation. Yet delegates of the oil-producing nations, with only Saudi Arabia dissenting, voted to impose...
Going Along. The O.P.E.C. decision last week to increase charges was embarrassing for Saudi Arabia, the world's largest producer. The Saudis are torn between supporting the cartel and sustaining their hard-pressed international customers. Saudi Oil Minister Ahmed Zaki Yamani has publicly advocated a cut of $2 per bbl. or so on the grounds that the oil producers are part of the Western economic system and they could not profit by bankrupting their customers. After conferences with King Faisal, Treasury Secretary William Simon returned from Jidda two months ago with encouraging news: the Saudis in August would hold...
...Unity. To commodity-exporting nations, many of them underdeveloped, the price break has a far different significance. For Chile, a penny-a-pound decline in the price of copper means the loss of $11 million in potential export earnings; Zambia loses even more. The producer nations are now planning cartels, modeled after the Organization of the Petroleum Exporting Countries, to set and enforce minimum prices. Chile, Peru, Zaire and Zambia have tried to organize a copper cartel, and seven nations, including Australia, Guinea, Jamaica and Yugoslavia, recently formed the International Bauxite Association to prop up prices for that ore, which...
...Saudis are waiting for some indication from the new Ford Administration of just how much the U.S. values Arab cooperation. But most oil analysts suggest a different reason: however sincere the Saudis may be in their desire to cut oil prices, they are reluctant to disrupt the powerful cartel formed by the twelve members of the Organization of Petroleum Exporting Countries. King Faisal's government apparently feels that it cannot move unless it gets the support of at least one or two other O.P.E.C. countries...
...either cut oil imports enough to cause recession or run gargantuan trade deficits financed by borrowings that eventually will pile up an insupportable debt. Though Levy does not use the words global depression, he contends that the world economy "cannot survive in a healthy or remotely healthy condition if cartel pricing and actual or threatened supply restraints of oil continue...