Word: yamani
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...Iranian Finance Minister Jamshid Amuzegar, who has accused the Saudis of hypocritically calling for price reductions while actually raising prices, favored a slightly smaller hike, "to show the industrialized nations that we are serious when we say that they must keep inflation in check." Saudi Oil Minister Ahmed Zaki Yamani reportedly threatened to force prices down by dumping millions of barrels of cut-price petroleum on the market. In order to keep the cartel together, the delegates settled on a compromise that will hold posted prices steady but raise by 2% the royalties that they collect on each barrel from...
...Saudis went along -for now. By the time the wrangling over oil prices resumes at an OPEC meeting scheduled to be held in Vienna on Sept. 12, they will be in an even stronger position. Last week Yamani journeyed to Washington in an attempt to persuade the U.S. to put more pressure on Iran to lower its prices...
...Dutch nonetheless are puzzled by the Arabs' official retention of the embargo. Saudi Arabian Petroleum Minister Ahmed Zaki Yamani has explained that the Dutch had not, like other European nations, supported the Arab demand for an Israeli withdrawal from all Arab territories. But the Dutch in fact signed a Common Market statement issued last November supporting United Nations Resolution 242, which calls for such a pullback. The Arabs may be officially maintaining the boycott not so much to punish the Dutch as to keep a sword of Damocles dangling over the international oil companies that have huge investments...
Minister Ahmed Zaki Yamani declared that his country would supply the U.S. with 1 million bbl. a day, implying a production boost all the way back to September levels. That move alone would cut the projected U.S. petroleum shortfall about in half. But Yamani's Arab brethren declined to disclose how fast they intended to pump and ship...
...quid pro quo for his peacemaking efforts in the Middle East, and the most influential Arab leaders have been responsive. Egyptian President Anwar Sadat has been pressing the oil-producing states to resume shipments to the U.S. King Faisal of Saudi Arabia agrees; his oil minister, Ahmed Zaki Yamani, stated flatly last week that the embargo had served its purpose and should be scrapped...