Word: yamani
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Dates: during 1970-1979
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Saudi Arabia can no longer even hold down prices by threatening to flood the world market with crude, a tactic that Petroleum Minister Ahmed Zaki Yamani successfully employed as recently as late 1976. The key reason is that the Saudi fields are reaching maturity, and it would take years of work and billions of dollars in fresh investments to boost daily production of about 9.5 million bbl. by very much for any length of time...
...essential problem, as the Saudi Minister Sheik Ahmed Zaki Yamani admitted during a visit to Washington last week, is that OPEC has "lost control" of price levels. It is now up to the oil-consuming nations to limit price increases by curbing demand. Yamani's point is well taken. The only reason that Libya and Iran have been able to lift prices so much so soon is that, despite an international agreement earlier this year to curb imports, demand for oil continues to grow at a time when Iran's internal problems and lack of technical expertise threaten...
...OPEC met to raise the price of crude. Reporters in that city were greeted at every turn with airport-style metal detection tests, luggage checks and platoons of Swiss police armed with automatic weapons. Said Tehran-based Correspondent Bruce van Voorst: "The four gorillas who guarded Saudi Sheikh Yamani practically walked in his pockets...
...even three times the officially quoted rate of $14.55 per bbl. After the cartel's communiqué was read to reporters at the Hotel Inter-Continental, and delegates had rushed to their gas-guzzling limousines parked at curbside, Saudi Arabia's natty oil ministers Sheik Ahmed Zaki Yamani, said, "I don't blame you if you are confused...
...Geneva, Yamani did his best to persuade the cartel to hold the line at $18 per bbl. At one point, the Harvard-educated sheik grew so frustrated with the demands of Iran, Libya and Algeria, which were calling for a base price of at least $25 "to $26 per bbl., that he threatened to walk out of the conference. That led OPEC Chairman Mani Said Utaiba, of the United Arab Emirates, to convene a rump meeting in his private upstairs suite. It was during that gathering, at which Utaiba served dates from his home country and Arab spiced tea, that...