Word: subroto
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...last week's meeting, amid acrimonious charges that some members were cheating the cartel by selling at cut-rate prices, OPEC's 13 members[*] tried desperately to halt the price slide. "Market stability is at the crossroads," admitted Subroto, Indonesia's Oil Minister and the current president of OPEC, at the start of the session. Yet the most that the ministers could agree on was minor adjustments like lowering OPEC's price for the heaviest grade of Saudi crude by a token 50?...
...until the fall the touchy matter of how much oil each producer could pump. In October the members agreed on an overall output ceiling of 16 million bbl. per day. Any new plan would reshuffle quotas within that limit, but several countries want their quotas increased. Said Subroto: "The potato was too hot to handle." The point is moot. As demand has dropped off, OPEC members now pump only about 14.5 million bbl. daily because that is all they can sell...
...Sultan's palace, landscaped with pools and pavilions and tended by a large retinue of servants. If there are any in Tembi opposed to the rule of its high-minded foreign potentate, they keep it to themselves. One of the company's foremen, a Tembi native called Daud Subroto, has worked for Purser for seven years. "Before, people in Tembi were only farmers. Now they have good jobs," he says...
...other members of OPEC were spooked by the bellicose way Iraq went about bridling Kuwait and the U.A.E. OPEC Secretary-General Subroto called Saddam's means "alarming." By threatening the overproducers, Saddam brought tensions in the Persian Gulf to their highest level since the Iran-Iraq war. So startled was the U.A.E. that it took the unprecedented step of asking the U.S. to conduct joint military maneuvers, a request Washington granted, sending two aerial refueling planes and six combat ships for the exercise. When Baghdad denounced this "imperialist plot," the Emirates, more shaken than ever, denied anything...
...these are decidedly long-term investments. For the moment, oil prices seem capable of deep downward swings. Indonesia's Subroto, the OPEC secretary- general, has warned that prices could fall as low as $5 per bbl. if Saudi Arabia and the other overproducers were to keep flooding the market. If such predictions fail to spur the group toward cooperation over the next few weeks, OPEC may be setting the stage for the oil-price collapse...