Word: yamani
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...OPEC has been for months, Saudi Arabia is attempting to return order and stability to the cartel's chaotic price structure as well as head off demands in Caracas for much steeper hikes by such cartel radicals as Iran, Libya and Nigeria. Said Saudi Oil Minister Ahmed Zaki Yamani: "We wanted to avoid a hot discussion in Caracas that might lead to a much higher level of prices...
Saudi Arabia can no longer even hold down prices by threatening to flood the world market with crude, a tactic that Petroleum Minister Ahmed Zaki Yamani successfully employed as recently as late 1976. The key reason is that the Saudi fields are reaching maturity, and it would take years of work and billions of dollars in fresh investments to boost daily production of about 9.5 million bbl. by very much for any length of time...
...essential problem, as the Saudi Minister Sheik Ahmed Zaki Yamani admitted during a visit to Washington last week, is that OPEC has "lost control" of price levels. It is now up to the oil-consuming nations to limit price increases by curbing demand. Yamani's point is well taken. The only reason that Libya and Iran have been able to lift prices so much so soon is that, despite an international agreement earlier this year to curb imports, demand for oil continues to grow at a time when Iran's internal problems and lack of technical expertise threaten...
...even three times the officially quoted rate of $14.55 per bbl. After the cartel's communiqué was read to reporters at the Hotel Inter-Continental, and delegates had rushed to their gas-guzzling limousines parked at curbside, Saudi Arabia's natty oil ministers Sheik Ahmed Zaki Yamani, said, "I don't blame you if you are confused...
...Geneva, Yamani did his best to persuade the cartel to hold the line at $18 per bbl. At one point, the Harvard-educated sheik grew so frustrated with the demands of Iran, Libya and Algeria, which were calling for a base price of at least $25 "to $26 per bbl., that he threatened to walk out of the conference. That led OPEC Chairman Mani Said Utaiba, of the United Arab Emirates, to convene a rump meeting in his private upstairs suite. It was during that gathering, at which Utaiba served dates from his home country and Arab spiced tea, that...