Word: yamani
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Dates: during 1980-1989
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...Venezuela proposed making 14 million bbl. the ceiling for OPEC producers and dropping the official price only slightly, to $32. But most members were hoping for a consensus closer to 17.5 million bbl. of production and a new benchmark price of $29. Saudi Oil Minister Sheik Ahmed Zaki Yamani, realizing that the burden of a low production quota will fall on his country, rejected the proposal by Algeria and Venezuela with the comment: "Everyone would cheat...
After two days of wrangling, the ministers adjourned and invited delegates from the other five OPEC countries to join the meeting this week. Saudi Oil Minister Sheik Ahmed Zaki Yamani reportedly said, "I think we will have an agreement." Others, though, were skeptical. Said William Brown, di rector of energy studies at the Hudson Institute, north of New York City: "They will meet. They will talk. They may even agree. But they will go home and violate whatever agreement they reach...
Western oil experts believe that the Saudis are willing to reduce their price but want some other major oil producer to go first. Two weeks ago, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that Britain, which is not part of OPEC, might take the lead by lopping $2 or $3 off the $33.50 it charges for a barrel of North Sea oil. But British Prime Minister Margaret Thatcher is hardly eager to initiate a price cut that would slow the flow of oil revenues into Britain's struggling economy. Says a senior British oil executive: "Why should...
...such pronouncements proved to be premature. Without advance warning, the Saudis had tossed on the bargaining table an additional demand that remained to be resolved on Monday morning. They would curb production, said Yamani, only if the African states would charge a premium price for their oil that fully reflected its higher-than-average quality. Nigeria, Algeria and Libya produce so-called sweet crude, which yields a particularly desirable mix of products after refining. Moreover, because these countries are relatively close geographically to their European customers, the cost of transporting the crude is lower. For these reasons, the OPEC members...
...recent months, the Africans have not been charging a high enough premium to satisfy the Saudis. At the Geneva meeting, Yamani demanded that the Africans raise their prices in order to keep the Saudis from being noncompetitive when they try to sell their less desirable crude. The Africans balked at boosting prices at a time of sluggish demand, and the meeting disintegrated into a raucous round of name-calling. At one point, Yamani reportedly shouted: "I am a man of the desert, and nobody is going to laugh at my beard." That was the Arab equivalent of saying, "Nobody...