Word: riyadh
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Dates: during 1980-1989
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DIED. William W. Caudill, 69, architect and a founder of the Houston-based Caudill, Rowlett and Scott Group, an international architecture and construction company; of a heart attack; in Houston. The C.R.S. Group's innovative designs include the U.S. embassy complex in Riyadh, Saudi Arabia, and Harvard's Roy Larsen Hall...
...keep the price cutting from getting out of hand, OPEC members held a desperate round of meetings in Paris and Riyadh. For the first time, non-OPEC members were being welcomed into the discussions. The oil ministers sought out representatives from Britain, Norway and Mexico, a step that symbolized the success of the non-OPEC world's attempt to free itself from the organization's stranglehold. Last year, for the first time in at least 20 years, the rest of the non-Communist world produced more oil than the 13 OPEC nations...
...postpone an announcement, scheduled for last Friday, of a drop in its oil prices. The implication was that Mexico would wait to see whether a broad agreement could be reached this week. Although the Saudis and their allies were mum, many experts believed the gulf producers had agreed in Riyadh to cut the official price to $30, too high to compete with Nigerian oil at the new price. But at week's end the British warned that they would make further reductions if OPEC sharply undercut the $30.50 North Sea price...
...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...
Most of OPEC's muscle comes from Saudi Arabia, which accounts for roughly one-third of the group's output. Although the Saudis are now producing only about three-fourths of their March quota of 7 million bbl., analysts expect Riyadh to maintain that level, rather than pump more, in order to maintain prices. Predicts Henry Schuler of Georgetown University's Center for Strategic and International Studies in Washington: "The Saudis will take up the slack. I think they are compelled to hold prices and accept a reduction of market share...