Word: yamani
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tary of State George Shultz stayed during his meeting with Soviet Foreign Minister Andrei Gromyko in January, is a regular setting for OPEC meetings. Sheik Ahmed Zaki Yamani maintains a pied-a-terre there. Manager Herbert Schotte, who transformed the 18th-floor restaurant into a four-room, $1,430-a- night royal suite, complete with Chinese dining room furniture, now describes it as "all ready to receive President Reagan if they ever decide on a summit here...
Saudi Arabia, OPEC's biggest producer, took the brunt of the group's 1.5 million bbl.-per-day cutback. The Saudis agreed to reduce their output limit by 647,000 bbl. a day, to 4.4 million bbl. More important, Sheik Ahmed Zaki Yamani, the Saudi Oil Minister, promised to trim production even further, if necessary, to hold the line on prices. Other OPEC members, except Nigeria and Iraq, grudgingly accepted reductions of about 9% each. Two non-OPEC oil producers, Egypt and Mexico, whose petroleum ministers attended some of last week's sessions as observers, promised...
Saudi Arabia, traditionally the leader of the group, has thrown its weight behind the strategy. A large part of the proposed cutback probably would come from that country's production. After the Geneva meeting, Saudi Oil Minister Sheik Ahmed Zaki Yamani became chief salesman of the plan. He jetted to Lagos at the head of a 19-member delegation and tried to persuade the Nigerians to restore their crude-oil prices. They respectfully declined. So did officials in Oslo, the next stop on Yamani's campaign. No one, though, was willing to rule out a show of unity...
...countries, including Venezuela, Indonesia and Ecuador, a decline in prices would be painful. In Mexico, which depends on petroleum sales for 70% of its exports, a $2-per-bbl. price cut would produce a $ 1.1 billion drop in an annual oil income of $15 billion. Thus Mexican officials accompanied Yamani on his travels last week even though their country is not an OPEC member. Yamani announced that both Mexico and Egypt said they would cut their own output in support of OPEC's plan...
...origins of last week's oil slide reach back to midsummer. Buyers started balking at official prices at a time of continuing glut. The Saudis helped restore temporary calm by keeping their production low. As an added measure, Sheik Ahmed Zaki Yamani, the Saudi Arabian Oil Minister, jetted around the globe to such non-OPEC countries as Egypt, Malaysia and Mexico, urging those governments to restrain from giving discounts or increasing production...