Word: yamani
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Dates: during 1980-1989
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...ministers at the beginning of the meeting that world oil production is now about 1 million to 2 million bbl. per day greater than demand. The excess output is acting as a restraint on countries wishing to push the price of oil ever higher. Said Sheik Ahmed Zaki Yamani, the Saudi oil minister, after the meeting: "The agreement does not impose restrictions on others not to raise their prices. But I don't think they are going to raise prices because of the downward trend of the markets...
...Iraq, Qatar and Venezuela announced that they would begin demanding as much as $2 per bbl. more for oil on July 1. Those four countries have been recently charging a basic price of about $30 per bbl. for crude. Saudi Arabia refused to increase its rates for now, but Yamani hinted that he might raise them by $1 per bbl. to $4 per bbl. in order to unify OPEC prices. Some oil experts expect the Saudis to hike prices by about $2 per bbl. within a few weeks...
...Shah of Iran and near to their current capacity. They have thus lost their leverage over other cartel members. The Saudis could not convince the other OPEC members that they should agree on a lower ceiling price. In fact it took four hours of extra bargaining for Yamani to persuade Iran Oil Minister Ali Akbar Moinfar, whose country produces about one-tenth as much petroleum as Saudi Arabia, to change a single key word in the conference's final communiqu...
Arguing that prices could be lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state...