Word: deadlocking
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...markets were ending. Saudi Arabia appeared about to force its moderate pricing policy on the 13-nation Organization of Petroleum Exporting Countries. But then, after a week of frantic negotiations behind closed doors in Geneva's luxurious Intercontinental Hotel, the oil ministers broke up in deadlock. Instead of agreeing to a compromise formula that would have reunified OPEC's crazy quilt of prices, which range from a low of $32 per bbl. to a high of $40 per bbl., they left the world's oil game still bedeviled and in disarray...
...deadlock comes at a bad time for OPEC but a good time for just about everyone else. With petroleum prices weakening for months on world markets, OPEC needed to show political solidarity in or der to prevent competitive price cutting. Their customers, though, can look forward to at least a temporary respite from oil-fired inflation...
...tired of Gisçard's imperial style, had simply voted for change and thus wound up with François Mitterrand in the Elysée. At that point, according to this view, the logical French gave the new President a clear-cut Socialist majority in order to avoid a constitutional deadlock or a messy coalition with the Communists. "Having opted for change, French voters knew enough not to throw the country into a political crisis," explains Alain of Paris' National Foundation of Political Science...
Though the oil ministers did much rhetorical waltzing during the two-day session, they were never able to break the deadlock that has for months gripped the cartel. Saudi Arabia has been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from...
...deadlock was immediately obvious when the 13 ministers sat down Sunday evening in a private hotel dining salon for a secret preconference dinner. While the delegates ate lobster mousse and lamb noisettes, Yamani bluntly laid out the Saudi terms. The stonewalling response by cartel hard-liners led Conference Chairman Subroto of Indonesia to confess later that little remained except to "get through two days of meetings...