Word: yamani
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...became apparent very quickly last week that Saudi Oil Minister Sheik Ahmed Zaki Yamani had finally won his test of will with the other OPEC members. They agreed to drop the bench-mark price of crude by $2, and Saudi Arabia indicated that it will lower production immediately from 9.3 million bbl. per day to 8.5 million bbl. The only real disagreement at the session was over the various premiums that members could charge for their crude in addition to the new base price. Algeria and Libya, for example, will be permitted to demand $4 per bbl. more for their...
...deal insist, Saudi Arabia's air power would be no match for a Soviet move against the oil sources, while no smaller nation in the region, like Iran or South Yemen, would dare make such a move. Anyway, say opponents, Saudi Arabia's Oil Minister Ahmed Zaki Yamani stated in April that Israel, not the U.S.S.R., is his country's main enemy...
Saudi Oil Minister Sheik Ahmed Zaki Yamani further encouraged hopes that a compromise would be reached, telling journalists coyly on the first day of the conference: "We are happy with the price of oil at $32 per bbl., but we do not oppose a little increase." As the conference unfolded it became clear that there was no firm deal at all, and one reason was that both Indonesia and Venezuela were having little difficulty selling oil for more than the $34-per-bbl. maximum price that Yamani would accept...
With negotiations totally stalled, the delegates took an unprecedented step. They asked their heads of government to appeal to Saudi Arabia's King Khalid to accept a compromise at $35 per bbl. But the effort came to nothing. As a belated gesture of good will, Yamani announced as soon as the conference ended that, although his country was sticking by its $32-per-bbl. price, it would nonetheless help tighten the market for other OPEC producers by cutting Saudi production by 1 million bbl. daily in September...
...deadlock was immediately obvious when the 13 ministers sat down Sunday evening in a private hotel dining salon for a secret preconference dinner. While the delegates ate lobster mousse and lamb noisettes, Yamani bluntly laid out the Saudi terms. The stonewalling response by cartel hard-liners led Conference Chairman Subroto of Indonesia to confess later that little remained except to "get through two days of meetings...