Word: yamani
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Sheik Ahmed Zaki Yamani, Saudi Arabia's urbane Petroleum Minister, often professes a desire for the price of oil to come down. Last week he said that his government had indeed decided to lower the price by 40? per bbl., in a move designed to "take from the oil companies and give to the consumer." However enticing that Robin Hoodish remark might seem to suffering consumers, the consequences promise to be different from what they would expect. The cost of oil to the major companies -and to their customers-stands to rise about...
...periodic conferences of the cartel's oil ministers, the real power is wielded by five members of this new generation. The two most important are a pair of rivals: Saudi Arabia's Harvard-educated Sheik Ahmed Zaki Yamani, 44, who publicly argues for slightly lower prices, and Iran's Cornell-educated Jamshid Amuzegar, 50, who argues for even higher prices. The other three are Kuwait's Abdel Rahman Atiqi, 44, Algeria's Belaid Abdessalam, 43, and Iraq's Saadun Hammadi, 44. Last year Hammadi excused himself for arriving late at an OPEC conference: "Sorry...
Going Along. The O.P.E.C. decision last week to increase charges was embarrassing for Saudi Arabia, the world's largest producer. The Saudis are torn between supporting the cartel and sustaining their hard-pressed international customers. Saudi Oil Minister Ahmed Zaki Yamani has publicly advocated a cut of $2 per bbl. or so on the grounds that the oil producers are part of the Western economic system and they could not profit by bankrupting their customers. After conferences with King Faisal, Treasury Secretary William Simon returned from Jidda two months ago with encouraging news: the Saudis in August would hold...
...prices do eventually drop, it probably will not be as a result of the next O.P.E.C. meeting in Vienna in September. At the latest meeting in Ecuador in June, Saudi Arabian Petroleum Minister Ahmed Zaki Yamani pressed for a cut of $2 per bbl. in the posted price of $11.65 per bbl. for light crude. (The posted price is a theoretical figure, but it helps to determine the actual price because it is the number on which taxes and royalties levied against the oil companies are based.) Yamani had all he could do, however, to keep the other O.P.E.C. members...
...price drop would lighten the burden on the oil-importing nations, which this year face the prospect of spending $ 100 billion for foreign petroleum, a fivefold jump since 1972. But as Saudi Oil Minister Sheik Ahmed Zaki Yamani stressed, compassion had little to do with the Saudi drive to lower prices. The Saudis, he said, want to avoid a "worldwide recession because that will hurt us," and to prevent rising unemployment and inflation from strengthening "the leftists in the major industrial nations." Moreover, Yamani warned, economic weaknesses in the West could shift the balance of power in favor...