Word: sheiks
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...mind, Algeria and Venezuela proposed making 14 million bbl. the ceiling for OPEC producers and dropping the official price only slightly, to $32. But most members were hoping for a consensus closer to 17.5 million bbl. of production and a new benchmark price of $29. Saudi Oil Minister Sheik Ahmed Zaki Yamani, realizing that the burden of a low production quota will fall on his country, rejected the proposal by Algeria and Venezuela with the comment: "Everyone would cheat...
...Organization of Petroleum Exporting Countries, the time had come for another showdown. Oil ministers from eight of the 13 OPEC countries gathered last week in London's elegant Grosvenor Square at a five-story, red-brick Georgian mansion where the delegate from the United Arab Emirates, Sheik Mani Said al-Oteiba, maintains his residence. The meeting had an urgent mission: agreement on a pricing pact and a set of production quotas that would keep the cost of oil from tumbling uncontrollably. Over the previous weekend Saudi Arabia and its Persian Gulf neighbors had issued an ultimatum to the rest...
After two days of wrangling, the ministers adjourned and invited delegates from the other five OPEC countries to join the meeting this week. Saudi Oil Minister Sheik Ahmed Zaki Yamani reportedly said, "I think we will have an agreement." Others, though, were skeptical. Said William Brown, di rector of energy studies at the Hudson Institute, north of New York City: "They will meet. They will talk. They may even agree. But they will go home and violate whatever agreement they reach...
Western oil experts believe that the Saudis are willing to reduce their price but want some other major oil producer to go first. Two weeks ago, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that Britain, which is not part of OPEC, might take the lead by lopping $2 or $3 off the $33.50 it charges for a barrel of North Sea oil. But British Prime Minister Margaret Thatcher is hardly eager to initiate a price cut that would slow the flow of oil revenues into Britain's struggling economy. Says a senior British oil executive: "Why should...
...downward pressure on prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary Saudi Oil Minister, Sheik Ahmed Zaki Yamani. As cameras flashed and video recorders whirred, OPEC's most powerful leader curtly announced: "The meeting has ended. There has been complete failure...