Word: yamani
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Dates: during 1980-1989
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Saudi Oil Minister Sheik Ahmed Zaki Yamani further encouraged hopes that a compromise would be reached, telling journalists coyly on the first day of the conference: "We are happy with the price of oil at $32 per bbl., but we do not oppose a little increase." As the conference unfolded it became clear that there was no firm deal at all, and one reason was that both Indonesia and Venezuela were having little difficulty selling oil for more than the $34-per-bbl. maximum price that Yamani would accept...
With negotiations totally stalled, the delegates took an unprecedented step. They asked their heads of government to appeal to Saudi Arabia's King Khalid to accept a compromise at $35 per bbl. But the effort came to nothing. As a belated gesture of good will, Yamani announced as soon as the conference ended that, although his country was sticking by its $32-per-bbl. price, it would nonetheless help tighten the market for other OPEC producers by cutting Saudi production by 1 million bbl. daily in September...
...they were never able to break the deadlock that has for months gripped the cartel. Saudi Arabia has been pushing for pricing moderation against a group of price hard-liners led by Libya, Algeria, Iran and Iraq. Throughout the conference, Saudi Arabia's petroleum minister, Sheik Ahmed Zaki Yamani, offered to raise the price of Saudi crude, now selling for as little as $32 per bbl., to perhaps $34. In return, the Saudi negotiator insisted that the price hawks cut their prices from $41 per bbl. to no more than...
...deadlock was immediately obvious when the 13 ministers sat down Sunday evening in a private hotel dining salon for a secret preconference dinner. While the delegates ate lobster mousse and lamb noisettes, Yamani bluntly laid out the Saudi terms. The stonewalling response by cartel hard-liners led Conference Chairman Subroto of Indonesia to confess later that little remained except to "get through two days of meetings...
...Saudi Arabia, the free world's largest oil producer, would increase its prices slightly if countries like Libya and Nigeria, which have been charging almost $10 per bbl. more for oil than the Saudis, would agree to lower their prices. In addition, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that the cost of crude be frozen until...