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...their battle against inflation, Reagan and Volcker had good fortune on their side. With the world awash in an oversupply of oil, the once mighty Organization of Petroleum Exporting Countries could no longer dictate the cost of crude. The group's new powerlessness moved Mani Said al-Oteiba, Oil Minister of the United Arab Emirates, to compose a doleful poem that began...
That bit of doggerel is the opening stanza of a poem written by Mani Said al Oteiba, Oil Minister of the United Arab Emirates, to commemorate the marathon twelve-day meeting in London of the Organization of Petroleum Exporting Countries that ended last week. The minister's lament reflected the mood of desperation that led OPEC to slash its official bench-mark price from $34 per bbl. to $29, the first cut in the group's 23-year history...
...Organization of Petroleum Exporting Countries, the time had come for another showdown. Oil ministers from eight of the 13 OPEC countries gathered last week in London's elegant Grosvenor Square at a five-story, red-brick Georgian mansion where the delegate from the United Arab Emirates, Sheik Mani Said al-Oteiba, maintains his residence. The meeting had an urgent mission: agreement on a pricing pact and a set of production quotas that would keep the cost of oil from tumbling uncontrollably. Over the previous weekend Saudi Arabia and its Persian Gulf neighbors had issued an ultimatum to the rest...
...whatever it is, to the rest of OPEC on a take-it-or-leave-it basis. By far the largest producers in OPEC, they could send prices through the floor if they chose to pump flat out. The threat could bring Nigeria and other wayward nations into line. As Mani Said al-Oteiba, oil minister for the United Arab Emirates, declared after the two-day Riyadh meeting, "If the other OPEC nations do not accept this accord, the gulf states will have to cut the price even more...
...cartel's largest single producer, with the remaining 200,000 bbl. being spread among other members. The group agreed to review its pricing and production arrangements in several weeks, when the organization's members gather for a previously scheduled spring conference in Quito, Ecuador. Said OPEC President Mani Said al-Oteiba of the United Arab Emirates: "If need be, we are ready to cut production to zero, and OPEC as a whole is prepared to cut back to 10 million barrels...