Word: yamani
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...ousted minister had apparently run afoul of the ruling House of Saud on several counts. By electing to pump Saudi oil as fast as he could at a time when there was already a plentiful world supply, Yamani sparked a price war that caused OPEC prices to plunge from some $30 per bbl. last December to less than $10 this spring. Yamani's goal was to flood the world with cheap oil and thereby drive high-cost producers in the U.S., Britain and elsewhere out of business. OPEC would then be free to raise prices once again...
Experts say Yamani clung to his strategy despite growing opposition from King Fahd, who has called for a price of at least $18 per bbl. to boost Saudi oil earnings. Yamani countered that producers could control either prices or output, but not both at once. During OPEC's 17-day meeting in Geneva last month, Fahd repeatedly intervened from Riyadh on several key issues. The Geneva session wound up endorsing price-raising production limits, which Yamani initially opposed, through...
...Saudis privately support Iraq in the conflict, they fear Iran's military might as well as its influence over potentially seditious Islamic fundamentalists. Iran warned in July that military reprisals might be directed at Saudia Arabia, Kuwait and any other country that gave Iraq money to buy arms. Yamani's dismissal ended a remarkable career. The son of a religious judge in Mecca, Islam's holiest city, Yamani graduated from Cairo University and in 1956 received a degree from Harvard Law School. In 1958 he became a government legal adviser and protege of Crown Prince (later King) Faisal, who named...
...much at ease in a tailored business suit as in a traditional flowing Bedouin thobe, or lengthy shirt, Yamani was the chief architect of the 1973-74 OPEC oil embargo. That historic action, which drastically cut back OPEC exports to several Western nations, including the U.S., more than quadrupled oil prices within 15 months and caused a severe global slump and then nearly a decade of rising inflation. By 1979, however, OPEC was already slipping from Saudi control. In that year the fall of the Shah of Iran led to a second worldwide oil shock, which nearly doubled prices once...
...energy experts pondered Yamani's ouster last week, many rose to the veteran minister's defense. They noted that while he is sometimes viewed as the West's inveterate enemy, Yamani has often taken conciliatory stances. "Since the last few years have seen a deterioration in Saudi revenues, he may have been used as a scapegoat," said Saad-Eddin Ibrahim, a professor of political sociology at the American University in Cairo...