Word: riyadh
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...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...
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...
George Khoury Riyadh...
...effort to halt the slide, Saudi officials have been pressuring OPEC's discounters to stop their cheating on prices and production. If necessary, the Saudis recently began hinting, Riyadh would start price cutting, offering gargantuan discounts that would drive all other exporters from the market...
...production, the Saudis might decide to raise the spring quotas by about 10%, which would legitimize the cheating with a return to pre-March levels, while perhaps trimming their own output to keep the glut from growing worse. At the same time, the Riyadh government would stand ready to provide low-interest loans to help tide over financially squeezed cartel members until the world economy starts to recover and, the Saudis hope, oil sales begin to improve...