ambitious development plans. As Saudi Arabia, Kuwait, and UAE have to
bear the brunt of future cutbacks in crude production, this will create more
dissension among the OPEC countries in the future. But because of OPEC's uniqueness, this imbalance will not lead to its collapse as a cartel.
For it is highly unlikely that OPEC will let its internal squabble seriously
damage the cartel that took so long to become effective, especially when
there is enough gravy for every member to savor.
Walter Levy, "Oil Power," Foreign Affairs ( July 1971): 652-66.
Haim Ben-Shahar, Oil: Prices and Capital ( Lexington, Mass.: D. C. Heath, 1976).
New York Times, July 9, 1974.
President's Task Force on Oil Imports, 1972.
J. E. Akins, "The Oil Crisis: This Time the Wolf Is Here," Foreign Affairs
( April 1973).
Oil Daily, December 5, 1976.
Oil and Gas Journal, September 2, 1981.
M. A. Adelman, "Is the Oil Shortage Real?" Foreign Policy (Winter 1972): 69-107.
The Statutes of the Petroleum Exporting Countries, Vienna, Austria, November 1971.
Fuad Rouhani, A History of OPEC ( New York: Praeger, 1972).
Marc S. Nan Nguema, "Twenty-one Years of OPEC," OPEC Bulletin
( October 1981): 16-26.
Nguema, "Twenty-one Years."
J. Amuzegar, "The Oil Story: Facts, Fiction and Fair Play," Foreign Affairs
( July 1973): 672-89.
Edith Penrose, "Profit Sharing Between Producing Countries and Oil Companies," Economic Journal ( June 1959).
International Monetary Fund, International Financial Statistics, October 1976.
John Due, Public Finance ( Homewood, Ill.: Richard D. Irwin, 1976 edition).
M. A. Adelman, "Oil Shortage."
Adam Smith, The Wealth of Nations ( London: Methuen, 1930 edition).
A. Gary Shilling, "History of Economic Cartels," Wall Street Journal, August 8, 1974.
Haim Ben-Shahar, Oil Prices.
A. Ghosh, "OPEC Game in Price Boosts is Political," Oil Daily, February 12,
James McKie, "The Political Economy of World Petroleum," American
Economic Review ( May 1974): 51-57.
Wall Street Journal, October 11, 1977.
Questia, a part of Gale, Cengage Learning. www.questia.com
Book title: OPEC, the Petroleum Industry, and United States Energy Policy.
Contributors: Arabinda Ghosh - Author.
Publisher: Quorum Books.
Place of publication: Westport, CT.
Publication year: 1983.
Page number: 35.
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