The world's thirteen major oil producing nations are deadlocked over a decision as to how much the price of oil should be increased.
LV ZOOM IN Sheikh Yamani surrounded by newsman and replying to questions
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Background: The world's thirteen major oil producing nations are deadlocked over a decision as to how much the price of oil should be increased.
Ministers from the countries which from the Organisation of Petroleum Exporting Countries (OPEC) were in the second day of a price fixing conference in Vienna when the meeting broke up because of sharp disagreement over the price increases.
One of the first to leave the conferences was Saudi Arabia's Oil Minister, Sheikh Ahmed Zaki Yamani, who's has been haggling over the issue with the other delegates for two days. First he wanted the continuation of a price freeze on oil set down nine month ago, then he said his government would agree to a nominal increases of five per cent but more than ten per cent -- never!
The main opposition to Sheikh Yamani has been coming from Iraq and Iran who want an increase of as much as twenty six per cent.
Under the terms of OPEC all decisions to increases the price of oil have to be unanimous. Although Saudi Arabia has the biggest oil ??? in the group and could flood the world with cheap oil if it wanted to, it's unlikely that it would want to destroy OPEC by doing do. While Sheikh Yamani thrashes the problem out with his government the world waits and the other oil barons stand by to see just how far they can push the saudis.