Word: arabian
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...origins of last week's oil slide reach back to midsummer. Buyers started balking at official prices at a time of continuing glut. The Saudis helped restore temporary calm by keeping their production low. As an added measure, Sheik Ahmed Zaki Yamani, the Saudi Arabian Oil Minister, jetted around the globe to such non-OPEC countries as Egypt, Malaysia and Mexico, urging those governments to restrain from giving discounts or increasing production...
...four-year war against Iran. The most valuable addition to the Recognize Egypt campaign would be Saudi Arabia, whose prestige and caution make it a nation that many neighbors would be willing to follow. TIME'S Philip Finnegan reports that for the past two years Saudi Arabian officials have been holding secret talks with the Egyptians in Cairo and Riyadh. The meetings have covered topics ranging from the Iran-Iraq conflict to the threat of Islamic fundamentalism. Yet even if Saudi Arabia were inclined to renew bonds with Egypt, it would most probably work in harmony with the other...
...Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity, the oil ministers allowed heavily indebted Nigeria to increase its daily production of 1.3 million bbl. by a total...
...basic rules of Persian Gulf warfare, every military action produces an equal reaction. Fortnight ago, Iraqi planes struck two tankers near the Iranian oil depot at Kharg Island. Last week jet fighters with Iranian markings attacked the Japanese-managed supertanker Primrose as it was carrying oil from the Saudi Arabian port of Ras Tanura. The 276,424-ton vessel suffered only minor damage, and no injuries were reported...
...both fun and profit, Armand Hammer, 86, diversified his legendary business acumen into Arabian horses five years ago. The two top stallions of his 94-horse stable are the U.S.S.R.'s Pesniar and Poland's El Paso, both plucked from behind the Iron Curtain with the Occidental Petroleum chairman's patented blend of bucks and brass. Poland's Wojciech Jaruzelski at first refused to sell El Paso, which he called "a national treasure," but a million dollars from Hammer helped change the Premier's mind. Hammer was in Florida last week for a show...