Sheikh Ahmed Zaki Yamani, Saudi Arabia’s longtime oil minister and public face of the 1973 oil embargo that punctuated the country’s new role as an oil market superpower, has passed away. He was 90 years old.
Mr Yamani, who suffered from ill health for years, has died in London, Saudi state television reported on Tuesday. He is expected to be buried in his hometown of Mecca, his former colleagues said. His son Hani Yamani said he died on Monday.
He held this position for almost 25 years, starting in 1962. At that time, the United States – not Saudi Arabia – dominated the world oil trade as the world’s largest producer and consumer of the material. first. The Texas Railroad Commission regulated domestic oil prices, while US and UK companies dominated some of the production abroad.
When Mr. Yamani took over the oil ministry, Saudi Arabia was an intermediate producer in the oil-rich Middle East. But it turns out that Saudi Arabia’s deposits were much larger than those of its neighbors, and soon the country’s production exploded. Amid a wave of nationalizations of oil fields in the region, Mr. Yamani led talks to take control of Saudi Arabia Oil Co., then a joint venture between predecessors of Exxon Mobil Corp. and Chevron Corp.