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...British decision to cut North Sea oil prices and the decision by Iran two weeks ago to reduce its prices finally pushed OPEC into action. Said a State Department analyst: "This has been one of the biggest threats yet to OPEC unity." United Arab Emirates Oil Minister Mani Said al-Oteiba, the current president of OPEC, announced that there would be a "consultative" meeting of the organization later this month. The session will sound out OPEC'S members on how much oil each is willing to keep off the market to stabilize prices...
...enough of its 600,000 bbl. in daily exports to pay for its war of attrition with Iraq, last week announced plans to cut $1 off its quoted price of approximately $33.20 per bbl., thereby threatening to spread price cutting to the Persian Gulf. OPEC's president, Sheik Mani Said al-Oteiba of the United Arab Emirates, last week indicated that further price reductions might force the organization to institute some cuts in output in order to firm up prices. But OPEC has never in its history been able to agree upon a program to curtail production...
...Aquino does return to the Philippines, his stop in the U.S. will be just another postcard visit in a career that has taken him all over the world. Born November 27, 1932, he started his professional life as a reporter, covering the Korean War for the Mani la Times ("Those Koreans, they're tough"). He then went to Southeast Asia, covering Vietnam for a couple of years, before becoming the paper's foreign affairs editor. He entered politics as a speech-writer for President Magsaysay...
...repeated pleas for maximum OPEC output at the lowest price, as ultimately damaging to the producing states. Anti-American rioting in Iran has made involvement with the U.S. seem even more unwise. Such oil ministers as Iraq's fiery Tayeh Abdul-Karim and the Emirates' Mani Said Utaiba argue that it is stupid to swap valuable and nonrenewable oil for increasingly inflated dollars that Washington might some day freeze anyway, as it has done in the case of Iran...
...point, the Harvard-educated sheik grew so frustrated with the demands of Iran, Libya and Algeria, which were calling for a base price of at least $25 "to $26 per bbl., that he threatened to walk out of the conference. That led OPEC Chairman Mani Said Utaiba, of the United Arab Emirates, to convene a rump meeting in his private upstairs suite. It was during that gathering, at which Utaiba served dates from his home country and Arab spiced tea, that the compromise was struck...