Word: yamani
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...price war? We don't want a fight. It would be very hectic," said Sheik Ahmed Zaki Yamani, Saudi Arabia's oil minister. But chaos is exactly what the Organization of Petroleum Exporting Countries produced last week when several members of the group threatened to launch an all-out campaign of slashing prices to boost OPEC's declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge...
Even before the formal proceedings began, Saudi Arabia's Yamani and a few other delegates issued informal price-war ultimatums. Declaring that all the world's oil producers should share in the burden of the oversupply, the ministers called on non-OPEC countries to cut back their output, or else. They apparently hoped their threat alone would make competitors fearful of a superglut and persuade them to slash production. But the message backfired. While it succeeded in panicking oil traders, the tough talk failed to frighten Britain or Norway enough to make them tighten their spigots. British officials said that...
...frequently murky realm of global oil prices, even the offhand remarks of Saudi Arabian Oil Minister Ahmed Zaki Yamani can create an avalanche of rumor and speculation. Last week the energy industry worldwide was abuzz over Yamani's latest actions. With an OPEC meeting scheduled for Oct. 3 in Vienna, the mercurial minister let it be known that he had entered negotiations that could lead to lower Saudi Arabian crude prices for some customers. The move was seen by many as evidence that prices of the hard-pressed OPEC cartel might be on the verge of cracking. Said John Lichtblau...
...prices and exceeding their production quotas. Said a Japanese oil trader stationed in the gulf region: "First and foremost, this netback scheme is a warning to OPEC and non-OPEC oil producers that they must all take coordinated action or the Saudis will go further." As if in confirmation, Yamani warned that a ruinous price war could develop by next spring unless OPEC members stuck to official quota and price agreements and other producers restricted their output...
...together informally last week to debate what to do about falling oil prices. Several members of the group, including Nigeria and Ecuador, have been offering under-the-table discounts and exceeding their OPEC-decreed production quotas. As a result, Saudi Arabia's King Fahd directed Sheik Ahmed Zaki Yamani, his Oil Minister, to deliver an ultimatum to the rest of OPEC. The King's blunt message: Saudi Arabia, which has been holding oil exports under its quota to help prop up prices, would not keep on curbing sales if other OPEC members continued to cheat...