Word: yamani
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...happening, the members agreed to individual production quotas designed to limit their overall output this year to 17.5 million bbl. per day. That is 1.3 million bbl. less than the average rate for 1982, but 3.5 million bbl. more than the current rate. Said a hopeful Sheik Ahmed Zaki Yamani, Saudi Arabia's Oil Minister: "I have a strong feeling that this [agreement] will work out and that OPEC will be back in the driver's seat...
...Venezuela proposed making 14 million bbl. the ceiling for OPEC producers and dropping the official price only slightly, to $32. But most members were hoping for a consensus closer to 17.5 million bbl. of production and a new benchmark price of $29. Saudi Oil Minister Sheik Ahmed Zaki Yamani, realizing that the burden of a low production quota will fall on his country, rejected the proposal by Algeria and Venezuela with the comment: "Everyone would cheat...
Recent OPEC history supports Yamani. A year ago, the group agreed to a production ceiling of 18 million bbl. a day. Before long, however, Algeria, Nigeria, Libya, Venezuela and Iran were all exceeding their quotas...
After two days of wrangling, the ministers adjourned and invited delegates from the other five OPEC countries to join the meeting this week. Saudi Oil Minister Sheik Ahmed Zaki Yamani reportedly said, "I think we will have an agreement." Others, though, were skeptical. Said William Brown, di rector of energy studies at the Hudson Institute, north of New York City: "They will meet. They will talk. They may even agree. But they will go home and violate whatever agreement they reach...
Western oil experts believe that the Saudis are willing to reduce their price but want some other major oil producer to go first. Two weeks ago, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that Britain, which is not part of OPEC, might take the lead by lopping $2 or $3 off the $33.50 it charges for a barrel of North Sea oil. But British Prime Minister Margaret Thatcher is hardly eager to initiate a price cut that would slow the flow of oil revenues into Britain's struggling economy. Says a senior British oil executive: "Why should...