Word: sheiks
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...Sheik Ahmed Zaki Yamani, Saudi Minister of Petroleum...
...would happen to the supply, and price, of oil. Meeting in Geneva, the OPEC nations raised the price of crude oil by 9%-and that was the good news. The bad news was that they agreed to allow members to add whatever surcharges "they deem justifiable." Saudi Oil Minister Sheik Ahmed Zaki Yamani, who had argued in vain against the surcharge, predicted that the move could cause a "free-for-all" in the world oil market...
...most vocal blame layers at the Geneva meeting was Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, whose country has long been regarded as OPEC's principal voice for pricing restraint. Indeed, the Saudis, along with the delegates from Ecuador, Gabon, the United Arab Emirates and other moderates, managed to temper the egregious price demands being made by the hardliners, including the Iraqis, Iranians, Libyans and Algerians, who came to Geneva calling for increases of as much as 20% to 30%. But Yamani declared that his country's role as a "moderate" may not last much...
...Kuwait, Oil Minister Sheik Ali Khalifa al-Sabah declared a price increase of 9.3%, retroactive to Feb. 20. He blamed the decision on what he called price profiteering by oil companies, implying that if Big Oil was somehow ripping off the public, Kuwait was going to get in on that game...
When prices move high enough, the temptation grows for even oil companies to start speculating, sometimes by selling portions of their own oil through profiteering middlemen. Last week the Saudi oil minister, Sheik Ahmed Zaki Yamani, complained of just that tactic, and the sentiment was echoed in Caracas by Venezuelan officials. OPEC might be wise to stay silent because much of the oil that is churning through the spot market is coming not from the companies but directly from the producing states...