Looking back at the crisis, Yamani told CNN in 2010, “Arabian Oil [embargo] Meaning, I am behind in order not to harm the economy, just to attract international public opinion [there] “This is a problem between Palestinians and Israelis.” At the time of the embargo, Yamani’s stated goal was to force Israel to withdraw from the occupied Palestinian territories.
However, the rapid increase in oil prices is a huge gain for OPEC members. Yamani said: “Unfortunately, money in OPEC member states is very attractive. They love money and income. That’s why they raise prices as quickly as possible and pay for what they do.”
The former oil minister told CNN that he does not regret the blockade. But he does worry about OPEC’s subsequent efforts to determine prices.
He added: “I regret what OPEC has done. You can’t really manage prices. This is the wrong management of prices and the wrong management of power.”
At that time, OPEC controlled about 80% of global production, a far cry from its current decline. (According to my own forecast for 2021, OPEC’s market share has shrunk to about 30%.) The official history of the crisis of the US State Department states that it “triggered a series of attempts by the United States to respond to the foreign policy challenges brought about by long-term dependence. On foreign oil.” These efforts include increasing domestic supply, and in 2019 the United States became the world’s largest oil producer.
Urbane is fluent in English and fluent. He studied at Harvard Law School before being led by the future Faisal King in obscurity in the Saudi Arabian Oil Ministry. At that time, Saudi Arabia was a medium-level producer. Within ten years, it will be a behemoth. One of Yamani’s monumental achievements is to increase Saudi Arabia’s ownership (and revenue) of Saudi Arabia’s crude oil production, which has long been dominated by the Western consortium that formed Aramco.
In 1975, Armani witnessed his mentor King Faisal being assassinated by a dissatisfied prince.
For this young minister, it was a painful year. On December 21, 1975, he and other OPEC oil ministers were taken hostage in Vienna by a group headed by Carlos the Jackal, the most notorious international terrorist of that era. The attacker’s statement called for a role “for the Arab people and other peoples in the Third World” in handling oil resources.
The terrorists asked the Austrian government to provide a plane and took them and several ministers to Algiers. Carlos originally planned to kill Yamani and Iranian Oil Minister Amzegar, but he finally agreed to release them under Algeria’s mediation.
Yamani’s tolerant words originated from King Fahd’s request in 1986 to increase Saudi Arabia’s export quota within OPEC and make the cartel set the price at $18 per barrel. He could not achieve the king’s goal and was fired shortly thereafter.
Yamani said in his later years that oil prices were distorted by speculation, causing volatility. This is not just a guess. He told CNN: “Don’t forget that politics is important. Anything will happen, and it may destroy or promote the oil business.”
While setting foot in the energy world, Yamani is also obsessed with the love of clocks, poetry and preservation of Islamic writing. He is a pious man and the son of a famous religious scholar.
When the United States, Europe and Japan all needed large amounts of oil, Yamani took advantage of Saudi Arabia’s unique position as an energy producer. In an interview with CNN in 2010, he said that despite the rise of renewable energy, oil will still be part of the energy structure, but he admitted that oil will not last forever.
“The end of the Stone Age is not because of a lack of stones, but the age of oil will end, not because of a lack of oil.”