Word: sheiking
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Saudi Arabia, OPEC's biggest producer, took the brunt of the group's 1.5 million bbl.-per-day cutback. The Saudis agreed to reduce their output limit by 647,000 bbl. a day, to 4.4 million bbl. More important, Sheik Ahmed Zaki Yamani, the Saudi Oil Minister, promised to trim production even further, if necessary, to hold the line on prices. Other OPEC members, except Nigeria and Iraq, grudgingly accepted reductions of about 9% each. Two non-OPEC oil producers, Egypt and Mexico, whose petroleum ministers attended some of last week's sessions as observers, promised...
Saudi Arabia, traditionally the leader of the group, has thrown its weight behind the strategy. A large part of the proposed cutback probably would come from that country's production. After the Geneva meeting, Saudi Oil Minister Sheik Ahmed Zaki Yamani became chief salesman of the plan. He jetted to Lagos at the head of a 19-member delegation and tried to persuade the Nigerians to restore their crude-oil prices. They respectfully declined. So did officials in Oslo, the next stop on Yamani's campaign. No one, though, was willing to rule out a show of unity...
...origins of last week's oil slide reach back to midsummer. Buyers started balking at official prices at a time of continuing glut. The Saudis helped restore temporary calm by keeping their production low. As an added measure, Sheik Ahmed Zaki Yamani, the Saudi Arabian Oil Minister, jetted around the globe to such non-OPEC countries as Egypt, Malaysia and Mexico, urging those governments to restrain from giving discounts or increasing production...
TIME MAGAZINE HAS made it official. Under the screaming headline "Canada Changes Course" the smiling visage of our new conservative Prime Minister adorns the edition of September 17th. Brian Mulroney now takes his place along with Cheryl Tiegs, various corporate worthies and innumerable portraits of Chiang Kai Sheik as Time's galaxy of cover personalities...
...price slide was triggered by an unusual Saudi deal in which the country plans to exchange some 34 million bbl. of oil for ten new Boeing 747 jetliners. Saudi Oil Minister Sheik Ahmed Zaki Yamani protested the arrangement because it would add to the glut on the world oil market. But Prince Sultan, chief of the military and the national airline, overruled him, apparently because the royal family wanted to avoid dipping into the country's foreign-exchange reserves to pay for the planes. By exceeding its OPEC production quota, Saudi Arabia provided an easy excuse for most other...