Word: cartels
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Dates: during 1970-1979
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...computer as gripping as older forms of skulduggery. Still, The Siege of the Villa Lipp has more than enough cerebral twists and sophisticated wit to offset its comparative bloodlessness. And Ambler includes sufficient shocks to show that he has not forgotten how to put his horrors before his cartel...
...seems to know. The confusion stems in large part from a schism among the 13 members of the Organization of Petroleum Exporting Countries. At their December meeting in Qatar, the cartel broke into two warring camps (TIME, Dec. 27). Eleven members, led by Iran and Iraq, raised their prices by 10%, to an average $12.70 per bbl. (v. $2.30 per bbl. in pre-embargo 1973); they also agreed to hike prices a further 5% on July 1. But the Saudis and their allies, the United Arab Emirates, arguing that higher fuel costs would hamper the recovery of the industrialized world...
Gustavo Escobar, a Venezuelan economist, said he supported the Oil Producing and Exporting Countries (OPEC) cartel of which Venezuela is a member. He said the OPEC countries were pursuing their legitimate self-interests...
Robert Pindyck, a professor of economics at the Massachusetts Institute of Technology, said the United States should try to undermine the cartel...
...demand for a 10% hike on Jan. 1, to be followed by a further 5% hike at midyear. The Saudis and the U.A.E. limited their increase to 5% for the full year. Thus, for the first time since OPEC began quintupling petroleum prices in late 1973, the oil cartel split into opposing camps. In order to hold down prices, the Saudis, who are OPEC'S largest producer (8.5 million bbl. per day) and the possessor of the world's largest proven reserves (151.8 billion bbl.), threatened to increase production in order to lure customers away from their higher...