Word: cartels
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Dates: during 1970-1979
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When supplies of anything get too large for their markets, prices come down-or at least they should. For all the power of the OPEC cartel, oil is proving to be no exception. A worldwide glut has developed as new supplies from the North Sea, Alaska and Mexico supplement oil from the Middle East and South America -at a time when the shaky world economic recovery cannot absorb all of it. One result: price shaving by most of the big producers. Kuwait, Iran and Saudi Arabia are all offering slight discounts of 100 to 300 off the price (about...
Supplies have become so tight that prices-squeezed up by a cartel of producers-rose from $7 a pound in 1972 to around $42 at present. In the U.S., Westinghouse Electric Corp. reneged on long-term contracts to supply utilities with "yellowcake" at fixed prices of $8 to $12 a pound, claiming that it would be ruined if it followed through. Now, utilities in the U.S. and elsewhere are delighted to have a new source of supply. On a loftier plane, Fraser said, "The advent of Australia as a major supplier of uranium will make certain that Australia...
...member why he belongs to his favorite cartel, and he most probably will answer that he would go out of business if competitors could undercut his prices. That has been the standard defense put forth by the International Air Transport Association (IATA), the industry group that sets fares for overseas travel on scheduled flights. Still, it is amazing what a little competition...
...Reports spread last week that Saudi Arabia, the world's largest oil exporter, had decided to raise its prices 5% by July 1. That would bring its quotes up to the general OPEC level and heal-or at least paper over-the bitter split that developed in the cartel last December (the eleven OPEC countries that raised prices 10% then would supposedly cancel a further 5% boost scheduled for July 1). The Saudis are not talking officially, but OPEC negotiators have been trying for months to work out some such compromise...
...surge in lending has been spurred by the vast balance of payments surpluses piled up by members of the OPEC oil cartel. In particular, Saudi Arabia, Kuwait and the United Arab Emirates have been unable to spend their new-found wealth fast enough, and they have deposited enormous sums in such major U.S. banks as Citibank, Chase Manhattan, Morgan Guaranty and Bank of America. Triffin reports that "at the end of last year, general monetary liabilities of the U.S.-including foreign deposits in U.S. banks and their overseas branches, as well as Treasury obligations purchased by foreigners -amounted...