Bali, Indonesia — Saudi Arabia, the world's biggest oil exporter, has raised its prices, Oil Minister Ahmad Zaki Yamani said. Petroleum Intelligence Weekly said the increase was $2 a barrel to $32 and was retroactive to Nov. 1. Sheikh Yamani, speaking after the first day of an OPEC oil ministers conference, also said he expected the meeting would reach a "broad or loose" agreement on price increases.
The ministers agreed on a conference agenda after the summit was opened with an appeal from Indonesian President Suharto to Iran and Iraq to end their conflict for the shake of OPEC and Islamic unity. Arguments between the two about Iraq' refusal to release the captured Iranian oil minister, Muhammad Javad Tondguyan, delayed discussions. But four hours after the opening, an agenda excluding the Gulf war agreed upon.