Word: yamani
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Before leaving on his private jet for last week's price-setting meeting of the Organization of Petroleum Exporting Countries in Venezuela, Saudi Arabian Oil Minister Ahmed Zaki Yamani picked up his Arab worry beads to take them along. He could have left them at home. During the two-day session at the beach resort of Caraballeda outside Caracas, Yamani gave his fellow oil ministers a tough display of Saudi Arabian power in oil politics. Arguing that the international economy is too weak and world oil supplies too high to support an increase over the current $12.70 per bbl. price...
...than Saudi Arabia wanted and then had to pull back after the Saudis increased production and sales, has been learned. During elaborate dances in the shadows over the past seven weeks, several key oil producers, particularly Iran, which had previously been a hawk for higher prices, agreed to follow Yamani...
...OPEC's additional profits for one year would be channeled to developing countries that have no oil to help them pay off their $180 billion foreign debt. During a series of bilateral meetings with the ministers the first day of the conference, Pérez tried to twist arms. Sheik Yamani even pulled out his worry beads during his talk with...
...Yamani and other ministers politely dismissed Pérez's move. To show his displeasure, Yamani that night even developed a diplomatic illness that enabled him to skip the seven-course, two-wine extravaganza offered by Pérez. Then, during a long session in the hotel suite of the Venezuelan oil minister after dinner, the 13 OPEC ministers agreed that there would be no increase at least until their next meeting in June. (Officially they failed to make a price decision, but that has the same effect as voting a freeze.) Saudi Arabia is expected to continue pushing for a price...
...welcome as even a temporary halt to oil price hikes will be for Western economies still staggering from past increases, OPEC'S decision offers only a respite at best. After last week's meeting, Yamani said that Saudi Arabia would cut back production until the oil surplus disappeared and intimated that OPEC would then, presumably in 1979, start sending prices higher again. Even the new production in the North Sea, Alaska and Mexico, moreover, will not be enough in the long run to break OPEC'S corner on world oil supplies. All the oil found so far in Alaska...