Word: cartels
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Dates: during 1980-1989
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...trade barriers are being established for both industrial products and raw materials. Said he: "With the exception of tropical products, some sporting goods and a few minor manufactured items, all the major areas of international trade-agriculture, steel, textiles, synthetic fibers and other petrochemical products-are already under cartel systems. The situation is politically dangerous because it is bound to increase tensions between countries." Next week top-level representatives of the U.S., the European Community, Japan and Canada will meet in Florida to discuss growing international-trade problems...
...steady prices, and join at least a tacit American-sponsored "strategic consensus" to deter Soviet thrusts into the region. But approval of the arms sale by no means guarantees that these American dreams will come true. A day after the Senate vote, at a meeting of the OPEC cartel in Geneva, the Saudis went along with a pricing agreement that would lower the top prices charged by some members but would also increase the cost of Saudi crude by $2 per bbl. In the eyes of some radical Arab states, the AWACS deal does not indicate that friendship with Washington...
Once that prospect was clear, investors sold highflying stocks and weak performers alike. Oil stocks were among the biggest losers. A key reason was the failure two weeks ago of the 13-nation OPEC oil cartel to agree on a uniform price for petroleum exports...
Lower oil prices mean lower profits for oil companies. Many companies own oil reserves in non-OPEC member nations, and thus get less for their petroleum and refined products when cartel prices drop on the world market. As a result, energy stocks themselves dropped. The price of a share of Getty Oil Co. slumped 6.2%, to 68¼ on Monday alone. Shell dropped 4⅜ to an end-of-week low of 41⅛. Phillips Petroleum dropped...
Throughout Central America and the Caribbean, governments are benefiting from a remarkable spirit of generosity on the part of oil-rich Venezuela, a founding member of OPEC and, with 2.2 million bbl. per day, currently the second largest producer in the cartel. In the Dominican Republic, Venezuelan money is helping to finance the construction of a $64 million hydroelectric project, housing, and a $2.3 million alcohol distillery. The tiny island state of St. Lucia (pop. 120,000) has opened a $400,000 asphalt plant, courtesy of Caracas. In Panama, officials are planning to erect a $100 million bridge to span...