Word: yamani
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...having agreeing on prices. Said one European Community official: "You can hardly call a meeting at which over half the tune was spent arguing about a war between the two most powerful military members a resounding show of unity." For more than two years, Saudi Oil Minister Ahmed Zaki Yamani has been trying to restore a unified price for OPEC crude. But the spread between the Saudi bench-mark or "marker" price and the cartel's ceiling price after the Bali meeting has grown to $9, thus allowing individual members considerable room to set their own oil prices free...
...near Kirkuk knocked a key pumping and distribution center As a result, oil has stopped flowing through two of Iraq's four pipelines, reducing exports by almost 1 million bbl. a Saudi Arabia is also threatening to its production and send oil prices $50 per bbl. Oil Minister Yamani is demanding that world energy companies carrying heavy stocks start them down faster and that West nations stop squirreling more oil away strategic reserves. Indeed, the Saudis prod Western countries to remind them that OPEC price restraint or petroleum production could end at any time...
...manipulating worldwide petroleum prices by increasing the cost of a barrel of crude from $2.41 to $10.95. Since then, oil-consuming countries have paid the oil producers a staggering $370 billion for the precious black product that is essential to industrial survival. Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani warns that oil could easily rise to as much as $60 per bbl. in the foreseeable future...
...years Sheik Ahmed Zaki Yamani has been Saudi Arabian Oil Minister and Mr. OPEC. Just before leaving for this week's meeting of the oil cartel in Bali, Indonesia, Yamani sat down in his Riyadh office with TIME Correspondent Bruce van Voorst to discuss the energy outlook. Some excerpts from the interview...
...OPEC cartel was highly unusual. The Austrian capital is OPEC's administrative headquarters, but no meeting of oil ministers had been held there since December 1975, when pro-Palestinian terrorists kidnaped some of the delegates and held them hostage. Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, the principal target of the 1975 raid, was taking no chances on a repeat performance. First he sent his private plane to Vienna's Schwechat Airport, and then let rumors circulate that he would arrive on Monday. In fact, he showed up in another plane on Sunday night. During...