Word: cartels
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Dates: during 1970-1979
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Trying to regain control of the cartel, Saudi Arabia posts a 33% rise
...Saudi shocker, and it could not have come at a more anxious moment. Four days before the 13 member nations of the Organization of Petroleum Exporting Countries were to sit down in Caracas for their fourth price-raising session in a year, the cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases in the cartel...
...Saudi move amounted to a startling 33% jump from its previous price of $18 per bbl., to $24, and it means still more inflation for the world. Other so-called OPEC moderates also posted increases. Venezuela, the cartel's fourth largest producer, moved from $20 per bbl. to $24, while Qatar and the United Arab Emirates went from approximately $21.50 to about...
...theory that they might somehow manage to forestall even bigger OPEC money grabs in the days ahead. By bringing its charges up to the $24 level, where much of the rest of OPEC has been for months, Saudi Arabia is attempting to return order and stability to the cartel's chaotic price structure as well as head off demands in Caracas for much steeper hikes by such cartel radicals as Iran, Libya and Nigeria. Said Saudi Oil Minister Ahmed Zaki Yamani: "We wanted to avoid a hot discussion in Caracas that might lead to a much higher level...
...emerge in Caracas: a loose coalition among Saudi Arabia, Iraq and Kuwait, the Persian Gulfs three biggest Arab producers, which now dominate the Persian Gulf trade as Iran sinks deeper into internal chaos. Instead of moderate price increases, higher production and cooperation with Washington, the outlook for the cartel as a whole seems to be for substantially higher prices, tighter supplies and increasing disinterest in whatever the U.S. seeks...