Word: riyadh
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Dates: during 1980-1989
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Halfway around the world from Cancun, a similar flurry of nervous consultation took place. In the Saudi Arabian capital of Riyadh, Hussain Lwasani, the Iranian Foreign Ministry's director for African and Arab affairs, met with Saudi Foreign Minister Prince Saud al Faisal. Lwasani's mission, said a Saudi spokesman, was "related to the current oilmarket situation." A day later, Major Khoualdy Humaidi, a member of Libyan Strongman Muammar Gaddafi's governing Revolutionary Command Council, showed up for a session with Saudi King Fahd. Later, it was announced that the 13-member Organization of Petroleum Exporting Countries would hold...
Energy-industry insiders saw the Saudi negotiations as an effort by Riyadh to pressure the rest of OPEC's 13 members into halting the now common practice of selling below official prices and exceeding their production quotas. Said a Japanese oil trader stationed in the gulf region: "First and foremost, this netback scheme is a warning to OPEC and non-OPEC oil producers that they must all take coordinated action or the Saudis will go further." As if in confirmation, Yamani warned that a ruinous price war could develop by next spring unless OPEC members stuck to official quota...
...main beneficiary of any Saudi price cuts will be the Riyadh treasury. While lower crude-oil rates will mean fewer dollars per bbl., they could trigger an increase in sales. That would pump badly needed cash into a nation that has seen its foreign currency reserves drop by some $20 billion in the past year, to less than $100 billion...
...Recognize Egypt campaign would be Saudi Arabia, whose prestige and caution make it a nation that many neighbors would be willing to follow. TIME'S Philip Finnegan reports that for the past two years Saudi Arabian officials have been holding secret talks with the Egyptians in Cairo and Riyadh. The meetings have covered topics ranging from the Iran-Iraq conflict to the threat of Islamic fundamentalism. Yet even if Saudi Arabia were inclined to renew bonds with Egypt, it would most probably work in harmony with the other gulf states...
...gulf states were slow to react to the tanker attacks. The foreign ministers of the six-nation Gulf Cooperation Council (Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates) met in Riyadh. But after almost five hours of talks, the ministers merely condemned the Iranian attacks and said they would appeal to the United Nations Security Council and the Arab League. Extreme caution dominates the thinking of even the most powerful of the gulf nations, Saudi Arabia. Before the Iranian attackers hit the Saudi tanker off Ras Tanura last week, a U.S.-operated AWACS radar plane detected...