Word: yamani
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Dates: during 1970-1979
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...royal palace in Riyadh. Outside the King's office, Kazimi was greeted by Prince Faisal ibn Musaed, 26, a nephew of the King's and one of the 3,000-odd princes of the House of Saud. While Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, briefed the King on the audience, Kazimi and Prince Faisal, apparently a former classmate of Kazimi's, waited outside. When Yamani returned to usher Kazimi inside, the prince tagged along...
...last year to plan economic and technical cooperation. Fahd also serves as acting chairman of the Saudis' Petroleum Council, which drafts oil and oil-revenue policy for the King's consideration. (In this capacity he is said to have developed a cordial dislike for able Oil Minister Yamani.) For several months, the Saudis have been negotiating a complete takeover of Aramco, the giant petroleum-producing company, of which they now own 60%. Fahd has acknowledged the un favorable impact of high oil prices on Western economies. Nonetheless, Saudi Arabia is not likely to break OPEC solidarity...
...care and education, finance new industry and subsidize other Arab nations. But unless and until the industrial nations get together, much of the non-Communist world could not long function without Saudi Arabia's 8.5 million bbl. per day. As Saudi Arabia's Harvard-educated Oil Minister Ahmed Zaki Yamani told TIME Correspondent Karsten Prager: "How much can the consumers reduce consumption? By 10%? And how much can the producers reduce without financial pain? By at least 33%?minimally. The people who ask for a price reduction of $2 to $4 are simply not being realistic...
...Americans were more intrigued than alarmed two years ago when Saudi Arabia's Minister of Petroleum and Mineral Resources, Ahmed Zaki Yamani, suggested a historic reversal of national roles. Yamani proposed that Saudi Arabia be permitted to spend its increasing oil revenues by buying into refining and marketing facilities in the U.S., which has always prided itself on exporting capital, technology and management. His idea provoked a dour response from Washington, but it was at least followed by a rash of American humor. Cartoons showed robed Arabs manning Stateside gas pumps and a camel replacing the tiger...
Sheik Ahmed Zaki Yamani, Saudi Arabia's urbane Petroleum Minister, often professes a desire for the price of oil to come down. Last week he said that his government had indeed decided to lower the price by 40? per bbl., in a move designed to "take from the oil companies and give to the consumer." However enticing that Robin Hoodish remark might seem to suffering consumers, the consequences promise to be different from what they would expect. The cost of oil to the major companies -and to their customers-stands to rise about...