Word: bali
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Dates: during 1980-1989
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...while the official ceiling price for oil sold by any OPEC member was increased by $4, to $41 per bbl. The price increases will jack up the world's oil bill by an estimated $26 billion in 1981. The message from Bali was clear: oil and profit are still powerful enough forces to keep even warring nations working together...
...Iranians arrived in Bali insisting on their right to denounce Iraq's invasion of their country three months ago and its continued detention of Iranian Oil Minister Mohammad Javad Tondguyan as a prisoner of war. When the conference opened, they disrupted the proceedings by propping a 2-ft. by 3-ft. photo of Tondguyan in the chair reserved for Iran's chief delegate. To protect its Oil Minister, the Iraqi delegation packed 17 guns at the conference. Some Iraqi aides wore guns even inside the meeting room in defiance of the security regulations of their Indonesian hosts...
Some energy experts, nonetheless, maintain that the Bali agreement showed again the difficulty that the cartel is having agreeing on prices. Said one European Community official: "You can hardly call a meeting at which over half the tune was spent arguing about a war between the two most powerful military members a resounding show of unity." For more than two years, Saudi Oil Minister Ahmed Zaki Yamani has been trying to restore a unified price for OPEC crude. But the spread between the Saudi bench-mark or "marker" price and the cartel's ceiling price after the Bali meeting...
...immediate focus is Bali, Indonesia, where the jet-about oil ministers of the 13-nation Organization of Petroleum Exporting Countries are gathering this week. The occasion will be OPEC's 59th ministerial meeting since the cartel was founded in 1960. Looming over all other discussions: whether to push up the cost of oil beyond the $30 Saudi benchmark price and the $37 per bbl. ceiling price set in June...
...years Sheik Ahmed Zaki Yamani has been Saudi Arabian Oil Minister and Mr. OPEC. Just before leaving for this week's meeting of the oil cartel in Bali, Indonesia, Yamani sat down in his Riyadh office with TIME Correspondent Bruce van Voorst to discuss the energy outlook. Some excerpts from the interview...