Word: subroto
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Dates: during 1980-1989
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...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...
Such dangers seemed remote when the OPEC representatives gathered on July 27 at the 18-story glass-and-concrete Geneva Intercontinental Hotel. Most of the ministers were convinced that the meeting would prove as futile as their three earlier sessions had this year. Sighed Indonesian Oil Minister Subroto, as the session began: "This will be a short meeting. The political will is lacking." The members had not been able to agree on specific production quotas for each country...
Indonesian Energy Minister Subroto gamely tried to work out a compromise plan to cut production, but several delegates refused to budge. "Not one barrel," said Venezuelan Oil Minister Arturo Hernandez Grisanti, who is currently OPEC's chairman. Even as Saudi Arabia's Yamani was calling for other countries to cut back, he was at work in his Geneva hotel room lining up a large order for new oil deliveries, according to Kenneth Miller, executive editor of Petroleum Intelligence Weekly...
...Kuwait and Venezuela. The group also took the symbolic step of abandoning Arab Light as the bench-mark price for all OPEC crude. Arab Light, once the world's most important oil, is now just another grade struggling in a world awash in oil. Admitted OPEC's current chairman, Subroto, who is Indonesia's Oil Minister: "The fundamentals of the market will ultimately determine the price...
Those words by Subroto, the Indonesian Oil Minister and the current president of the Organization of Petroleum Exporting Countries, show how the once mighty oil group has fallen. Only a few years ago, whenever OPEC met, the world anxiously waited in fear that the petroleum producers were about to raise oil prices again. But last week at an emergency meeting in Geneva, OPEC struggled to avoid slashing prices once more. Rather than reduce the cost of crude, the ministers adopted a plan to reduce temporarily their production ceiling from 17.5 million bbl. per day to 16 million...