Word: yamani
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Dates: during 1980-1989
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...last summer, Saudi royalty started to feel like the suckers of OPEC and grew impatient with Oil Minister Sheik Ahmed Zaki Yamani. "He does not know what he is doing," declared one prince. "We should cut and run from OPEC. Why should we suffer to protect them?" Finally in September, the Saudis quietly decided to throw their production into high gear and reclaim the country's lost market share. The giant petroport at Ras Tanura and the offshore loading terminal at Ju'aymah sprang to life, their 56-in. pipes spewing more than 4 million...
Last week Sheik Ahmed Zaki Yamani, the Saudi oil minister, issued a stern warning. Without a new agreement to curb production, Yamani said, "there will be no limitation to the downward spiral that may bring crude prices to less than $15 per bbl., with adverse and dangerous consequences for the whole world economy." The threatening words pushed prices into a free fall. North Sea oil dropped to $17.70 per bbl. before recovering a bit to finish the week...
...Prices could fall so much more that it's scary," said Philip Verleger Jr., a Washington-based energy analyst. "If it's left up to the Saudis alone, prices could drop to $5 to $10 per bbl. if they make no effort to keep their production in check." For Yamani, the crunch could come in the spring, when demand traditionally slackens. If no production agreement is reached by then, $20 per bbl. could seem like a high price...
...price war? We don't want a fight. It would be very hectic," said Sheik Ahmed Zaki Yamani, Saudi Arabia's oil minister. But chaos is exactly what the Organization of Petroleum Exporting Countries produced last week when several members of the group threatened to launch an all-out campaign of slashing prices to boost OPEC's declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge...
Even before the formal proceedings began, Saudi Arabia's Yamani and a few other delegates issued informal price-war ultimatums. Declaring that all the world's oil producers should share in the burden of the oversupply, the ministers called on non-OPEC countries to cut back their output, or else. They apparently hoped their threat alone would make competitors fearful of a superglut and persuade them to slash production. But the message backfired. While it succeeded in panicking oil traders, the tough talk failed to frighten Britain or Norway enough to make them tighten their spigots. British officials said that...