Word: yamani
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...world that often cowered before him, he was "Mr. Oil," the very symbol of what many viewed as Arab rapaciousness and relentless resolve to strangle the West. As the chief strategist and unofficial spokesman of the Organization of Petroleum Exporting Countries for more than two decades, Sheik Ahmed Zaki Yamani could seemingly drive oil prices -- and the global economy -- up or down at will. A few words from the unfailingly suave sheik could make government officials shudder and cause stock markets from New York City to New Delhi to fall. With gallows humor, wags depicted OPEC at the height...
Last week Yamani's legendary power came to an end. In a royal decree, Saudi Arabia's King Fahd ibn Abdul Aziz dismissed Yamani, 56, as his Petroleum and Mineral Resources Minister, a post he had held since 1962. Planning Minister Hisham Nazer, a longtime Yamani rival, was named to take his place until a permanent new oil minister is named. Nazer's first official act was to call for an emergency meeting of the pricing committee of OPEC, whose 13 members include Nigeria, Venezuela and Indonesia, as well as seven Arab countries. The avowed purpose of the meeting, which...
...news of Yamani's ouster, spreading instantly through government offices, trading floors and boardrooms around the world, set off a kind of mini-panic. Markets careened as speculators struggled to grasp what the departure meant. Spot oil prices first dropped more than a $1.10 per bbl. in New York City and then climbed nearly $2 to about $15.25 by week's end. Prices seesawed in London and Rotterdam. In Washington, a bewildered Reagan Administration official said the firing "caught us all by surprise...
...start of the fractious meeting it seemed that any agreement might be scuttled by Kuwaiti Oil Minister Ali Khalifa Al-Sabah and his Saudi Arabian counterpart Sheik Ahmed Zaki Yamani. Kuwait and Saudi Arabia, OPEC's two richest members, had insisted on bolstering their production by some 10%. In the end, Saudi Arabia accepted no increase for itself and instead offered to donate its share of the 200,000 bbl.-a-day production hike to Kuwait...
Criticizing the call for import restrictions, Yamani warned that such pressures could "lead to trade wars and spell the end of free trade practices...