Ahmed Zaki Yamani, the man who put the world economy in check

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Ahmed Zaki Yamani, the man who put the world economy in check




Yamani was Saudi Arabia's Oil Minister from 1962 to 1986.


© Getty Images
Yamani was Saudi Arabia’s Minister of Petroleum from 1962 to 1986.


Within 9 months, Ahmed Zaki Yamani was an eyewitness to the assassination of King Faisal of Saudi Arabia and was kidnapped by a pro-Palestinian armed group, led by Illich Ramírez Sánchez “Carlos el Chacal”.

Everything happened between March and December 1975.

However, probably the episode that first gave more visibility to this former Saudi Arabian Oil Minister who died this Tuesday at the age of 90 was the energy crisis of 1974, when an embargo on fuel supplies imposed by Arab countries shook the world economy.

The drastic measure that included production cuts and led to skyrocketing fuel prices was intended to try to put pressure on Western countries that had supported Israel during the Yom Kippur war, which occurred in late 1973, but lasted for several months. after the end of that conflict.

So the images of the long lines of cars waiting to stock combustible at gas stations the United States went around the world revealing the shake that was taking place on the international board.

Yamani was considered a key man in orchestrating this key episode in the history of contemporary international politics that caused a severe economic crisis in developed countries and quickly filled the coffers of the members of the Organization of Petroleum Exporting Countries (OPEC), even those who, like Venezuela, did not participate in the embargo.

As Saudi Arabia’s oil minister between 1962 and 1986, Yamani became not only a key figure in the development of that industry in his country but also a reference for the entire world, even many years after he left his official functions.

Not in vain, still in 2001 the British newspaper The Guardian sHe pointed out that the name Yamami was synonymous with the so-called “black gold.”

Of Lto Mecca to Vienna

Born in Mecca in 1930, Yamami trained as a lawyer at universities in Egypt and the United States, where he completed a postgraduate degree at Harvard 1956.



As the minister of Saudi Arabia, Yamani was one of the most important voices in OPEC.


© Getty Images
As the minister of Saudi Arabia, Yamani was one of the most important voices in OPEC.


Two years later, the Saudi royal family hired him as an advisor to then-Crown Prince Faisal bin Abdulaziz, paving the way for a rapid promotion that put him in charge of the Oil ministry in 1962.

From that position, he was in charge of promoting the oil interests of his country, meeting with political and business leaders from around the world.

At the same time, it fell to her to be the OPEC’s benchmark voice in turbulent times that covered the processes of nationalization of that industry in Saudi Arabia and other member countries, the 1974 oil crisis, the Islamic revolution in Iran and the Iraq-Iran war.


Yamani was kidnapped along with other OPEC ministers by a pro-Palestinian group headed by "Carlos" "El Chacal".


© Getty Images
Yamani was kidnapped along with other OPEC ministers by a pro-Palestinian group headed by “Carlos” “El Chacal”.


Also in that position he had to live two very violent episodes: the murder of King Faisal, in March 1975, at the hands of one of his nephews, and the kidnapping to which the ministers of the OPEC countries meeting in Vienna were subjected in December of that year by a pro-Palestinian armed group headed by “Carlos the Jackal”.

Yamani was one of the main targets from that operation, from which he managed to escape unscathed.

Towards a world without oil

Although he was the face of the oil embargo that sent fuel prices skyrocketing around the world, Yamami was not known for his radical positions.

During his tenure, for example, Saudi Arabia began to increase its stake in the oil company Aramco -which was then owned by transnational companies-, in a gradual process that allowed the country to end up taking full control of the company when the country already had economic capital. and human to do it smoothly.

Referring to Yamani, an executive of an American oil company told The New York Times that he was a man who spoke softly and never hit the table. “When an argument gets heated, he vcome back more patient. In the end, he gets what he wants with what seems like sweet good sense, but is a form of toughness, “he said.

With his sights set on his country’s long-term interests, Yamani opposed the exorbitant increases in the price of crude oil, believing that it was preferable to maintain lower prices and extend foreign dependence on Saudi oil.


The oil crisis in 1974 caused an increase in prices and supply problems at gas stations.


© Getty Images
The oil crisis in 1974 caused an increase in prices and supply problems at gas stations.


This position was maintained even more years after he left his post as Saudi Oil Minister (1986) and founded in London the Center for Global Energy Research (1986), a company dedicated to the analysis of the energy market.

In an interview offered to The Guardian in 2001, Yamani warned about the oil policy that the government of Venezuela had implemented, then headed by Hugo Chávez, who was seeking to cut production.

“In Venezuela there is this new government with a new philosophy. When they came (to power) they stopped investment in refining and Venezuela’s capacity fell. Instead of having a surplus of 800,000 barrels a day, this disappeared. Now they can’t produce anymore (of what they produce), “he said.

Yamani believed that such tactics were detrimental to both Venezuela and OPEC.

It also ensured that crude prices were going to plummet in the long run and that the world would never consume all the crude it has.

The Stone Age did not end because the stones were over and the oil era will not come to an end because we lack crude “, he warned.

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