fbpx
More

    Ahmed Zaki Yamani, former Saudi oil minister, dies at 90

    Business Inquiry

    Publish your article/ads on our website


    Saudi Arabia’s powerful oil minister and Arab world drive architect Ahmed Zaki Yamani to control his own energy resources in the 1970s and the ability to influence oil production, fuel prices and international affairs thereafter Died in London. He Was 90.

    His death was announced on Tuesday by Saudi state television.

    In an era of turbulent energy politics, Mr. Yami, a Harvard-trained lawyer, spoke at a world forum for Arab oil producers on Arab-Israeli wars, revolution in Iran and growing pains. The world’s demand for oil brought Saudi Arabia and other Persian Gulf governments under unimaginable wealth. Crossing Europe, Asia and the Americas to promote Arab oil interests, he met government leaders, went on television and became widely known. In a flowing Arabian Raub or Saville Row suite, speaking English or French, he scattered cultures, loved European classical music and wrote Arabic poetry.

    Mr. Yamani generally strived for price stability and orderly markets, but is best known for the 1973 engineering of oil, which led to global prices, gasoline shortages and small cars, renewable energy sources and Arab oil The search for freedom increased.

    As Saudi’s oil minister from 1962 to 1986, Mr. Yami was the most powerful mango in a state that had some of the largest oil reserves in the world. For nearly 25 years, he was the chief officer of the Organization of Petroleum Exporting Countries, whose rising and falling production quotas began to wave like tides in markets around the world.

    In 1972, Mr. Yamani moved from Aramco, the consortium of four US oil companies, to control vast Gulf oil reserves that had exploited them for a long time. While Arab leaders called for the nationalization of Aramco – an acquisition that may have cost American technical and marketing expertise as well as capital – Mr. Yami adopted a more liberal strategy.

    Under the historic “partnership” agreement made by Mr. Yami, Saudi Arabia won the rights to immediately acquire 25 percent of the foreign concessions and gradually increase its wager for the controlling interest. Aramco, meanwhile, continued to run its concessions, profiting from oil extraction, refining and marketing, although it had to pay a higher fee to the Saudi government.

    The deal allowed oil to flow into a dependable industrial world and gave Arab oil producers time to develop their technical and marketing expertise. These developments eventually brought enormous prosperity in the Gulf states and a great shift of economic and political power in the region.

    In 1973, after Israel and Syria were defeated in the Yom Kippur War and Arab leaders demanded the use of oil as a political weapon, Mr. Yemeni withdrew support for Israel and Israel in the United States and others Took an avatar to pressure the allies. To withdraw from the occupied Arab lands. Embargo sent shock waves around the world, creating a rift in the North Atlantic alliance and tilting Japan and other countries towards the Arabs.

    But the United States held the line. President Richard M. Nixon produced an energy cigar. Gasoline rationing and price controls imposed. There were long lines and occasional fights at the pump. While inflation persisted for years, for a time, there was a renewed emphasis on energy exploration and conservation, including a national 55-mph speed limit on highways.

    A tall man with thoughtful eyes and a Van Dyke Gotay, Mr. Yamani struck Westerners as kind, clever and ascetic.

    The image
    Credit …Corbis via Getty Image

    “He An American oil executive told The New York Times, “Talk softly and never touch the table.” “When the discussion is heated, it becomes more patient. In the end, he seems to have sweet gumption, but a kind of ruthlessness.

    In 1975, Mr. Yami did two brushes with violence. His mentor, King Faisal, was assassinated by a royal nephew in Riyadh. Nine months later, he and other OPEC ministers were taken hostage by terrorists led by Ilich Ramirez Sanchez, also known as Carlos the Jackal.

    For years after the embarrassment, Mr. Yamani struggled to rein in oil prices, believing that the long-term interest in Saudi was to prolong global dependence on affordable oil. But the coup of Iran’s Shah in the Islamic Revolution of 1979 touched an energy crisis. Iranian production declined, prices rose, panic buying ensued, OPEC shares rose and markets flooded and prices fell again.

    In 1986, after a prolonged world oil glare and the royal family’s differences between Mr Yamani and the royalty, King Fahd sacked the oil minister, ending his 24 years as Saudi Arabia’s most famous nonroyal .

    Ahmed Zaki Yamani was born in Mecca on June 30, 1930, in the holy city of Islam, Mecca, one of the three children of Hasan Yami, a judge of Islamic law. The surname originated in Yemen, the land of its foreboding. The boy was deeply religious, getting up early to pray before school. Sent abroad for higher education, he earned a degree in 1951 from King Fuad I University in Cairo. New York University in 1955 and Harvard Law School in 1956.

    He And Laila Suleman Fadi was married in 1955 and had three children. His second wife was Tamam al-Anbar; They were married in 1975 and had five children.

    In 1958, the royal family enlisted him to advise Crown Prince Faisal, and he rose rapidly. In one year, he was Minister of State without portfolio and in 1962 was Minister of Oil. In 1963, Mr. Yami and Aramco jointly established a Saudi College of Petroleum and Minerals to teach oil industry expertise to Arab students.

    After his dismissal as oil minister, Mr. Yami became an advisor, entrepreneur and investor and settled in Crans-sur-Sire, Switzerland. In 1982, he joined other financiers at Investcorp, a Bahrain-based private equity firm. In 1990, he founded the Center for Global Energy Research, a London market analysis group. A biography of Jeffrey Robinson, “Yemeni: The Inside Story” was published in 1989.

    The image

    Credit …David Levenson / Getty Images

    Ben hubbard Contributed to reporting.

    Latest articles

    Related articles