Word: yamani
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Dates: during 1980-1989
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...prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary Saudi Oil Minister, Sheik Ahmed Zaki Yamani. As cameras flashed and video recorders whirred, OPEC's most powerful leader curtly announced: "The meeting has ended. There has been complete failure...
After the meeting broke up, the oil producers began a tense waiting game to see which one would be the first to slash prices. At a press conference, Yamani predicted that Britain, a non-OPEC producer, would take the lead within a few days by trimming $2 or $3 off its $33.50 charge for North Sea oil. He said that Nigeria, an OPEC member that has had particular trouble selling oil recently, might then feel forced to follow Britain's lead. If that happened, Yamani hinted, the Saudis might themselves shave a few dollars off their...
...quota cheating and price discounting. Pressure on the Saudis reached a peak last month. Their four main oil-company customers-Exxon, Mobil, Texaco and Standard Oil of California-threatened to turn to other suppliers if the Saudis did not lower their price. At conferences in London and Geneva, Yamani huddled with top executives from the four firms, who brought confidential figures to show the oil minister how much they were losing by staying with Saudi crude...
Before long, the Saudis made a last-ditch effort to seal the cracks in OPEC'S unity. At a meeting in Bahrain of seven of the organization's members, Yamani offered to lower the Saudis' production quota if the others would accept new ceilings and stick to them. The ministers reached a tentative agreement and decided to convene a full OPEC meeting in Geneva...
...showdown at last week's meeting of the Organization of Petroleum Exporting Countries in Vienna was taut and grim. At one of the long rectangular tables sat Sheik Ahmed Zaki Yamani, the elegantly groomed Oil Minister of Saudi Arabia. At another, roughhewn and tieless, was Seyyed Mohammad Gharazi of Iran. The issue before them was the control of OPEC itself. The result: a draw that deepened the most severe crisis in OPEC'S 22-year history and raised doubts about whether the organization can ever function as an effective cartel...