Word: yamani
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Dates: during 1980-1989
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...firming international price of crude also represents an initial success for Saudi Arabia, which for the past two months has directed a high-stakes strategy to firm up the market. Saudi Petroleum Minister Sheik Ahmed Zaki Yamani had feared that a continuation of the yearlong slide in petroleum prices could destroy OPEC. Thus, at the organization's March meeting, he succeeded in winning agreement on an unprecedented package of production cuts of 700,000 bbl. per day, or 3.8% of total OPEC output...
...Saudis, though, seem determined to make the production cut work. Petroleum Minister Sheik Ahmed Zaki Yamani threatened that the desert kingdom would further reduce output in the months ahead if necessary to keep the market tight. He also issued thinly veiled warnings to other OPEC producers not to cheat on the Vienna agreement because doing so would avail them nothing...
Only one OPEC supplier, Saudi Arabia, which is currently exporting about 7.5 million to 8 million bbl. a day, could cut back production sharply enough to tighten the world market without doing grave damage to its own internal economy. Though Saudi Petroleum Minister Sheik Ahmed Zaki Yamani has been purposefully vague about his country's plans, reports out of the Persian Guff banking center of Bahrain last week suggested that the desert kingdom may be preparing to trim production at least somewhat this spring...
...became apparent very quickly last week that Saudi Oil Minister Sheik Ahmed Zaki Yamani had finally won his test of will with the other OPEC members. They agreed to drop the bench-mark price of crude by $2, and Saudi Arabia indicated that it will lower production immediately from 9.3 million bbl. per day to 8.5 million bbl. The only real disagreement at the session was over the various premiums that members could charge for their crude in addition to the new base price. Algeria and Libya, for example, will be permitted to demand $4 per bbl. more for their...
...deal insist, Saudi Arabia's air power would be no match for a Soviet move against the oil sources, while no smaller nation in the region, like Iran or South Yemen, would dare make such a move. Anyway, say opponents, Saudi Arabia's Oil Minister Ahmed Zaki Yamani stated in April that Israel, not the U.S.S.R., is his country's main enemy...