Word: cartels
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...cartel has been humiliated more than once as it has chopped output only to see the price of oil drop further. Since September, OPEC said it has taken four million barrels a day out of circulation. That number is in dispute. It may be smaller. But, the fact of the matter is that some of the organization's members probably did not follow the rules and cut as fast or deep as had been planned. Nations including Iran and Venezuela may need the capital too much to drop the number of barrels that they export...
...started to cascade from over $141 a barrel this last summer to well below $40, OPEC knew that its members would not be able to support their own economies which, in many cases rely almost entirely on income from crude sales. Russia, which is not a member of the cartel, is facing similar trouble, so the incentive to move oil back toward $70 gets greater as each day passes. (See pictures...
...According to MarketWatch, "OPEC is ready to make further cuts in oil production in coming months if prices and global demand don't stabilize, the oil cartel's secretary general said at the World Economic Forum...
...countries in the cartel have relied on oil to build their own infrastructures and sovereign funds. The money has allowed them to invest in businesses throughout the U.S., E.U., and Japan. Now, when assets in those nations are relatively cheap, OPEC members have lost the capital that they need to take advantage of bargains...
Televisa has also resisted showing the messages that the cartels write or print on blankets, which are strewn over bridges and hung on public walls as part of their campaign of terrorism. Known as narco mantas (capes), many messages in recent months have accused the administration of President Felipe Calderón of working with the Sinaloa cartel based on Mexico's Pacific Coast. Monterrey is home to the rival Gulf cartel, which is believed to be behind many of these messages...