Word: yamani
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...prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door burst open and out strode the dapper, but obviously weary Saudi Oil Minister, Sheik Ahmed Zaki Yamani. As cameras flashed and video recorders whirred, OPEC's most powerful leader curtly announced: "The meeting has ended. There has been complete failure...
...showdown at last week's meeting of the Organization of Petroleum Exporting Countries in Vienna was taut and grim. At one of the long rectangular tables sat Sheik Ahmed Zaki Yamani, the elegantly groomed Oil Minister of Saudi Arabia. At another, roughhewn and tieless, was Seyyed Mohammad Gharazi of Iran. The issue before them was the control of OPEC itself. The result: a draw that deepened the most severe crisis in OPEC'S 22-year history and raised doubts about whether the organization can ever function as an effective cartel...
...firming international price of crude also represents an initial success for Saudi Arabia, which for the past two months has directed a high-stakes strategy to firm up the market. Saudi Petroleum Minister Sheik Ahmed Zaki Yamani had feared that a continuation of the yearlong slide in petroleum prices could destroy OPEC. Thus, at the organization's March meeting, he succeeded in winning agreement on an unprecedented package of production cuts of 700,000 bbl. per day, or 3.8% of total OPEC output...
...Saudis, though, seem determined to make the production cut work. Petroleum Minister Sheik Ahmed Zaki Yamani threatened that the desert kingdom would further reduce output in the months ahead if necessary to keep the market tight. He also issued thinly veiled warnings to other OPEC producers not to cheat on the Vienna agreement because doing so would avail them nothing...
Only one OPEC supplier, Saudi Arabia, which is currently exporting about 7.5 million to 8 million bbl. a day, could cut back production sharply enough to tighten the world market without doing grave damage to its own internal economy. Though Saudi Petroleum Minister Sheik Ahmed Zaki Yamani has been purposefully vague about his country's plans, reports out of the Persian Guff banking center of Bahrain last week suggested that the desert kingdom may be preparing to trim production at least somewhat this spring...