Word: opec
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...OPEC's failure to agree on quotas could bring it down...
...ample, and the price of crude is more likely to sink than spurt. In an effort to raise cash, several members of the Organization of Petroleum Exporting Countries have been overshooting their production quotas and offering customers discounts off the cartel's $34-per-bbl. official price. "OPEC's quota and pricing system may be on the verge of breaking down," said Board Member James McKie, an economics professor and energy expert at the University of Texas. If that happens, McKie added, oil prices could fall to $20 per bbl. or below...
...slumped, interest rates began at last to decline. Even so, many countries found themselves increasingly strapped for dollars with which to pay their mountainous debts. Among the most surprising victims were a number of oil-exporting nations: Mexico and Nigeria, to name two. Two years ago, the 13-nation OPEC oil cartel gloatingly held the world at ransom for crude oil at prices that eventually exceeded $40 per bbl. But the combination of recession and conservation caused prices to weaken, and by year's end the price of crude had dropped to $30 per bbl. and appeared...
This weekend, when the ministers of the world's least loved cartel gather in Vienna, the session is apt to be the stormiest ever. The members are poorer than they once were; oil exports lifted the current account balance of the OPEC nations to a record $109 billion surplus in 1980, but this year there will be a deficit, estimated at more than $15 billion. The delegates must face the painful fact that they can no longer control both prices and production at high levels, a nettlesome problem because OPEC members have shown little inclination to live with production...
...effort to halt the slide, Saudi officials have been pressuring OPEC's discounters to stop their cheating on prices and production. If necessary, the Saudis recently began hinting, Riyadh would start price cutting, offering gargantuan discounts that would drive all other exporters from the market...