Word: superglut
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...other delegates issued informal price-war ultimatums. Declaring that all the world's oil producers should share in the burden of the oversupply, the ministers called on non-OPEC countries to cut back their output, or else. They apparently hoped their threat alone would make competitors fearful of a superglut and persuade them to slash production. But the message backfired. While it succeeded in panicking oil traders, the tough talk failed to frighten Britain or Norway enough to make them tighten their spigots. British officials said that they would not accede to Yamani's wishes...
| 1 |