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'I was behind it.' The man responsible for the 1973 oil shock has died

February 23, 2021. Summarized by summa-bot.

Compression ratio: 22.1%. 1 min read.

Ahmed Zaki Yamani, the long-serving Saudi oil minister who masterminded an OPEC embargo that plunged western economies into recession in 1973, has died at the age of 90, Saudi state TV reported on Tuesday.

(CNN Business)Ahmed Zaki Yamani, the long-serving Saudi oil minister who masterminded an OPEC embargo that plunged western economies into recession in 1973, has died at the age of 90, Saudi state TV reported on Tuesday.

Looking back at the crisis, Yamani told CNN in 2010 that "the Arab oil [embargo] was meant, and I was behind it, not to hurt the economy, just to attract the international public opinion that [there] is a problem between the Palestinians and the Israelis. " Yamani's stated goal at the time of the embargo was to force Israel to withdraw from occupied Palestinian territory.

Yamani's fall from grace stemmed from King Fahd's demand in 1986 that he secure an increase in Saudi Arabia's export quota within OPEC — and get the cartel to set a price of $18 a barrel.

In his later years, Yamani said the price of oil had been distorted by speculation, leading to volatile swings.

Yamani exploited the opportunities of Saudi Arabia's unique position as an energy producer at a time when the United States, Europe and Japan all needed vast quantities of its oil.

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