Word: cartels
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Dates: during 1970-1979
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...known oil reserves. Though they could produce 11.8 million bbl. of crude a day, the Saudis are limiting daily output to 8.5 million bbl. This hold-down allows other OPEC members to produce at capacity without causing so great a glut :? as to push prices down. As a result, cartel members must give great weight to Saudi views, and the Saudis have consistently talked moderation. At the cartel's last meeting in Bali in May, their A refusal to raise prices at all effectively determined OPEC policy. At the December meeting, significantly, they have pledged to use their influence...
...Washington any longer talks seriously of "breaking" the OPEC oil cartel. Indeed, all indications are that the recession-induced world oil glut is shrinking and that the industrial countries will be stepping up their orders from OPEC over the next two years. The U.S. has counted on its carefully nurtured relationship with Saudi Arabia -the pivotal OPEC country because it has the most oil-to keep price rises reasonable. At Saudi insistence, the OPEC members did not increase oil costs during their last price jamboree, in May. But OPEC may decide that the recovery is healthy enough in the industrial...
...never go to jail, and the "unholy, self-perpetuating alliances [that] have been formed between money and politics." Among other things, he repeated his endorsement of the idea of a national health system-an expensive proposition for an anti-Government candidate to advance in an anti-Government year. Afterward, Cartel pronounced his acceptance address deliberately Populist in tone; asked if he considered himself a Populist, he replied, "I think...
...increase now would damage the steadily recovering economies of the U.S. and Western Europe and cause another drop in world oil demand. One reason Yamani succeeded in carrying the day is because Saudi Arabia, which produces about a fourth of all OPEC oil, has the power to break the cartel: no price that it finds intolerable has a chance of sticking...
...unanticipated slump in oil sales over the past two years. To offset a $2.4 billion decline in income, they have postponed plant construction and raised corporate taxes. But the experience has not changed Iran's position as one of the leading price hawks in the OPEC cartel-quite the opposite. Though Iran made a tiny price cut on heavy crude last winter as a concession to the market, its planners fully intend to argue OPEC into raising prices again this year. How much? Hushang Ansary, Minister of Economic Affairs and Finance, voices again the old idea of tying...