Word: yamani
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Dates: during 1970-1979
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Sheik Ahmed Zaki Yamani, Saudi Minister of Petroleum...
...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...
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...
Even so, the Administration wonders if its closest friend in OPEC did all it could to moderate the price increase. Saudi Arabia's Oil Minister Sheik Ahmed Zaki Yamani is the unofficial leader of the oil world; his word is powerful. This time, however, he was considerably less argumentative than usual. By the time the first session broke up and the ministers put away their pocket calculators and journeyed in heavily guarded motorcycle caravans to dine at the air-conditioned palace of Abu Dhabi's Sheik Zayed bin Sultan al-Nahayan, the new price had been virtually accepted...