Word: libya
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Dates: during 1970-1979
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...Caracas, Saudi Arabia and Venezuela pressed for pricing restraint but were effectively countered by profit-hungry producers led by Iran and Libya. They urged an increase to at least $30 per bbl., arguing that anything less would be silly since consuming nations have been willing to pay prices that would have seemed unthinkable a year...
Just before the meeting began, Iran's Ali Akbar Moinfar announced that, whatever happened, the revolutionary government was immediately bumping its price to $28.50. In a move that topped Iran's, Libya's Ezzedin Ali Mabruk then declared that his government was lifting its price to $30 per bbl. Not to be outdone, the Nigerians jumped...
...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...
...marathon twelve-hour session. While the Saudi minister padded back and forth serving English tea, and his guests munched on Algerian dates, an idea was floated to lift Arabian light oil to $26 as a new floor price, but fix a ceiling at $30. This was rejected by Libya, Algeria and Iran...
...discussion hopelessly stalled over pricing differentials, which are the variances in costs that are supposed to reflect the relative values of crudes according to their sulfur content and distances from major markets. Algeria, Iran, Libya, Ecuador, Gabon and others rejected a proposal to reduce the differentials, which help them to charge the highest prices. Iraq voted to follow that majority. The discussion became so confusing that the Indonesian delegate had to ask what the question was when his turn came to vote...