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Testy OPEC Ministers Confront Price Issues at Emergency Meeting
[Home Edition]
Los Angeles Times (pre-1997 Fulltext) - Los Angeles, Calif.
Author: Meisler, Stanley
Date: Jan 29, 1985
Start Page: 1
Section: Business; 4; Financial Desk
Abstract (Document Summary)

Talking with journalists, Oteiba accused [David-West] of "stabbing OPEC in the back" and Nigeria of undermining the OPEC oil price by producing more oil than it was supposed to under cartel agreements.

At present, the official OPEC price for oil is usually described as $29 a barrel. That price, however, is only for Saudi Arabian Light crude oil, which is regarded as a benchmark price used as a basis on which to calculate all other OPEC oil prices.

[Youssef M. Ibrahim], who has covered OPEC for the Wall Street Journal since 1981 and is regarded as one of the most authoritative journalistic analysts of the activities of the cartel, described how OPEC ministers were staying in $1,200- to $1,600-a-day suites at the Inter-Continental, flying to Geneva in private planes and hiring $200 to $1,000 a night "escorts" for evening entertainment. Ibrahim also described some of the personal animosity between ministers.

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