Word: yamani
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...last summer, Saudi royalty started to feel like the suckers of OPEC and grew impatient with Oil Minister Sheik Ahmed Zaki Yamani. "He does not know what he is doing," declared one prince. "We should cut and run from OPEC. Why should we suffer to protect them?" Finally in September, the Saudis quietly decided to throw their production into high gear and reclaim the country's lost market share. The giant petroport at Ras Tanura and the offshore loading terminal at Ju'aymah sprang to life, their 56-in. pipes spewing more than 4 million...
Even though the Saudis stayed inside their OPEC quota of 4.3 million bbl. a day, they could not help creating a huge surplus that angered many of their colleagues in OPEC, notably, the Libyans, Algerians and Iranians. Yamani, defending his country's action, has blamed non-OPEC producer Britain for contributing to the glut and has called on London to cut output. Britain stoutly refuses...
Indonesian Energy Minister Subroto gamely tried to work out a compromise plan to cut production, but several delegates refused to budge. "Not one barrel," said Venezuelan Oil Minister Arturo Hernandez Grisanti, who is currently OPEC's chairman. Even as Saudi Arabia's Yamani was calling for other countries to cut back, he was at work in his Geneva hotel room lining up a large order for new oil deliveries, according to Kenneth Miller, executive editor of Petroleum Intelligence Weekly...
Last week Sheik Ahmed Zaki Yamani, the Saudi oil minister, issued a stern warning. Without a new agreement to curb production, Yamani said, "there will be no limitation to the downward spiral that may bring crude prices to less than $15 per bbl., with adverse and dangerous consequences for the whole world economy." The threatening words pushed prices into a free fall. North Sea oil dropped to $17.70 per bbl. before recovering a bit to finish the week...
...Prices could fall so much more that it's scary," said Philip Verleger Jr., a Washington-based energy analyst. "If it's left up to the Saudis alone, prices could drop to $5 to $10 per bbl. if they make no effort to keep their production in check." For Yamani, the crunch could come in the spring, when demand traditionally slackens. If no production agreement is reached by then, $20 per bbl. could seem like a high price...