Word: yamani
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...remaining 40% of Aramco, which produces the bulk of Saudi oil, from a consortium of four American oil producers, Exxon, Mobil, Texaco and Standard Oil of California. Americans will continue working for Aramco, but only in technical and managerial roles. The kingdom's Oil Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign Secretary Lord Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify the amount of the cutback, he has previously indicated it might be from the current 9.5 million bbl. per day to 8.5 million...
...ministers at the beginning of the meeting that world oil production is now about 1 million to 2 million bbl. per day greater than demand. The excess output is acting as a restraint on countries wishing to push the price of oil ever higher. Said Sheik Ahmed Zaki Yamani, the Saudi oil minister, after the meeting: "The agreement does not impose restrictions on others not to raise their prices. But I don't think they are going to raise prices because of the downward trend of the markets...
...Iraq, Qatar and Venezuela announced that they would begin demanding as much as $2 per bbl. more for oil on July 1. Those four countries have been recently charging a basic price of about $30 per bbl. for crude. Saudi Arabia refused to increase its rates for now, but Yamani hinted that he might raise them by $1 per bbl. to $4 per bbl. in order to unify OPEC prices. Some oil experts expect the Saudis to hike prices by about $2 per bbl. within a few weeks...
...Shah of Iran and near to their current capacity. They have thus lost their leverage over other cartel members. The Saudis could not convince the other OPEC members that they should agree on a lower ceiling price. In fact it took four hours of extra bargaining for Yamani to persuade Iran Oil Minister Ali Akbar Moinfar, whose country produces about one-tenth as much petroleum as Saudi Arabia, to change a single key word in the conference's final communiqu...
...Saudis and others could decide to reduce production to keep pressure on prices. Other oil countries believe that Saudi Arabia will soon cut output. Said Kuwait Oil Minister Ali Khalifa al-Sabah: "There is no specific promise, but that is certainly my understanding-if only through the way Yamani held his brow...