Word: mani
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While that statement heartened U.S. oil drillers, along came a more dire forecast by Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
...even though demand for its oil is only at 15 million bbl. As a result, prices are plunging while the countries wait to see which one will be the first to blink. The standoff could bring months or even years of rock-bottom energy bills. Says Mani Said al-Oteiba, Oil Minister of the United Arab Emirates: "The price war is here." Adds Constantine Fliakos, senior petroleum analyst at Merrill Lynch: "It's a case of everyone for himself...
Last week's meeting had hardly got under way when it ran into trouble. Nigerian Oil Minister Tam David-West sparked an uproar by discrediting a report prepared by Mani Said al-Oteiba of the United Arab Emirates. The study came from a committee that attempts to find out which OPEC members are secretly exceeding their quotas or selling at discounts from official prices. Financially strapped Nigeria is one of the suspects. Oteiba stormed out of the conference, telling reporters that David-West "is stabbing OPEC in the back by defying our pricing structure...
...minister described last week's hastily arranged gathering as "just a meeting of old friends." But as everyone present knew, the coy assessment by Mani Said al-Oteiba of the United Arab Emirates understated the gravity of the situation. Ministers from six of the 13 members of the Organization of Petroleum Exporting Countries huddled for 1½ days last week at Geneva's Inter-Continental Hotel to devise a scheme to halt the slide in oil prices. The cartel's current crisis began two weeks ago, when OPEC member Nigeria followed price cuts made by nonmembers Norway...
Because of the approaching heating season in much of the Northern Hemisphere, demand for oil would normally be high this month. Yet many are putting off their purchases in the hope that prices will fall even further. Supplies in the U.S. are low and getting lower. Last month oil imports to the U.S. fell 9.6% from a year earlier. Stockpiles in Western countries equal only 94 days of consumption, the lowest for the month of October since 1979. As soon as oil companies begin topping off their tanks for the winter, prices may snap back. Said a confident Mani Said...