Word: cartellization
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Like the Ewing and Barnes families on Dallas, the quarrelsome clan that is the OPEC cartel serves as a comforting reminder that the rich have troubles too. OPEC's bench-mark oil price of $28 per bbl. has lately been undercut by non-OPEC producers like Mexico, which last week slashed prices on its best light crude by $1.25 per bbl., to an average of $26.50. Several OPEC members have been cheating on the cartel's production quotas, thus contributing to an oil glut and sliding prices on the world market...
...Petroleum Exporting Countries arrogantly assaulted the industrialized world by quadrupling oil prices, to $11.65 per bbl. At a four-day meeting in Geneva last week, OPEC showed only a shadow of its former power. With the world awash in oil and consumption down, the once all-powerful OPEC cartel has an ever diminishing impact on global markets...
...highly trained Airborne Special Forces Group. The unit was sent to the eastern border to battle drug trafficking. But in the late 1990s, Lazcano and more than 30 other members of the special forces began working for drug lord Osiel Cárdenas, head of the Matamoros-based Gulf cartel, which at the time controlled almost one-third of the Mexican drug trade. As Cárdenas' enforcers, protecting drug shipments and rubbing out foes, the gang members--who dubbed themselves Zetas after the radio call name of their original leader, who was killed in 2002--were paid as much...
...Mexican police aid the Zetas. And other potential microcartels are proliferating on the U.S.'s doorstep: in the Tijuana--San Diego corridor, police are dealing with a gang known as Narco-Juniors, a group of affluent juvenile delinquents recruited as hit men in the 1990s by the Tijuana drug cartel. Authorities in the Juarez--El Paso corridor, meanwhile, report a growing presence of the Mara Salvatrucha, a machete-wielding gang that has terrified Central America in recent years. The threat from groups like the Zetas may persist for years. "This is like any instance of monopoly busting," says Jorge Chabat...
...INDICATORS Negative Energy OPEC agreed to lift its official production ceiling by almost 2%, pledging a similar lift before June if oil prices remain high. But with the cartel's members already exceeding the limit, oil prices continued to rise, reaching $57 a bbl in New York for the first time...