Word: tactics
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Dates: during 1970-1979
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...cutbacks in Iran have tightened supplies and stirred chaos in oil markets everywhere. Cartel members such as Algeria, Libya and Nigeria have been ignoring official OPEC price lists. Iran has been dreaming up gimmicks to lift the cost of crude under contracts already signed at lower prices. The favorite tactic: requiring customers to buy at least some oil at up to $45 per bbl. Customers who balked have been threatened with loss of their long-term supply contracts...
Iran and Libya urged that OPEC adopt the classic market-tightening tactic of cartels: production cutbacks of 5% to 10% that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the cutbacks was Iraq, which has invested heavily in oil development and is now pumping some 3.7 million bbl. daily, making it OPEC'S second largest producer after Saudi Arabia (9.5 million...
...more important than issues. Feinstein's liberal record won her the support of blacks. She also got the strong backing of the gay community by promising to appoint homosexuals to city boards and commissions in proportion to their share of the population (estimated at about 15%). The tactic succeeded: fully 70% of the gay vote appears to have gone to Feinstein, making the election the first in a major American city to be swung by homosexuals...
Saudi Arabia can no longer even hold down prices by threatening to flood the world market with crude, a tactic that Petroleum Minister Ahmed Zaki Yamani successfully employed as recently as late 1976. The key reason is that the Saudi fields are reaching maturity, and it would take years of work and billions of dollars in fresh investments to boost daily production of about 9.5 million bbl. by very much for any length of time...
...This tactic is usually reserved for post-season championship competition. The physiological and psychological stimulation provided by competing with hairless arms and legs invariably leads to faster than normal times...