Word: sheiks
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Last week Sheik Ahmed Zaki Yamani, the Saudi oil minister, issued a stern warning. Without a new agreement to curb production, Yamani said, "there will be no limitation to the downward spiral that may bring crude prices to less than $15 per bbl., with adverse and dangerous consequences for the whole world economy." The threatening words pushed prices into a free fall. North Sea oil dropped to $17.70 per bbl. before recovering a bit to finish the week...
...price war? We don't want a fight. It would be very hectic," said Sheik Ahmed Zaki Yamani, Saudi Arabia's oil minister. But chaos is exactly what the Organization of Petroleum Exporting Countries produced last week when several members of the group threatened to launch an all-out campaign of slashing prices to boost OPEC's declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge...
...second pro-Iranian group, led by Shi'ite clerics and known as Hizballah (Party of God), sprang up around the same time. Its most magnetic leader, though he disclaims sole authority, is Sheik Mohammed Hussein Fadlallah. Richard Helms, a former CIA director and Ambassador to Iran, describes Fadlallah as "Khomeini's spiritual man" in Lebanon. Fadlallah is widely believed to have played at least some role in the rash of bloody anti-Western car bombings, including the 1983 attacks on the U.S. embassy and U.S. Marine barracks that claimed a total of 258 American lives. In a recent interview published...
...shame, killing an innocent passenger?" the hijacker replied angrily, "Did you forget the Bir al Abed massacre?" He was referring to the March 8 car bombing in the Bir al Abed suburb of Beirut that killed more than 75 Shi'ite Muslims but failed to hurt Sheik Mohammed Hussein Fadallah, one of Lebanon's pro-Iranian Shi'ite religious leaders. Shi'ites later claimed that the U.S. Central Intelligence Agency had engineered the bombing, in an attempt to fight Shi'ite terrorism with counterterrorism; the CIA denied the charge...
...Petroleum Exporting Countries got together informally last week to debate what to do about falling oil prices. Several members of the group, including Nigeria and Ecuador, have been offering under-the-table discounts and exceeding their OPEC-decreed production quotas. As a result, Saudi Arabia's King Fahd directed Sheik Ahmed Zaki Yamani, his Oil Minister, to deliver an ultimatum to the rest of OPEC. The King's blunt message: Saudi Arabia, which has been holding oil exports under its quota to help prop up prices, would not keep on curbing sales if other OPEC members continued to cheat...