Sheikh Yamani who made Saudi Arabia ‘oil-market superpower’ passes away

He was the first representative of Saudi Arabia on the board of governors of OPEC

Jeddah: Saudi Arabia’s former minister of petroleum and mineral resources Sheikh Yamani, who made the Kingdom an ‘oil-market superpower’, passed away in London on Tuesday. He was 91 years old.

According to a report in the Saudi Gazette, his funeral prayer will be held at Grand Mosque, Makkah. Later, his body will be laid to rest in Al-Mualla Cemetery.

Yamani who was the first representative of Saudi Arabia on the board of governors of OPEC became the oil minister in 1962.

1973 October War

In the 1973 October War, Egypt, Syria and allies attacked Israel. When the United States of America (USA) under President Richard Nixon declared support to Israel, Arab Producers in OPEC decided to reduce oil output by five percent a month.

Later, a total embargo was imposed on the US and other countries, Al Jazeera reported. As a result of the embargo and supply cut, the prices of oil in the US had climbed up by around 40 percent.

Assassination of King Faisal

In 1975 he witnessed two events, the assassination of King Faisal and a hostage situation. King Faisal was assassinated by his nephew on March 25, 1975. The motive of the assassination is still disputed.

In December same year, he was among the persons who were taken hostage at OPEC headquarters, Vienna. He also played a prominent role in the full nationalization of the Arabian American Oil Co which is currently known as Aramco.

Early life of Sheikh Yamani

Yamani was born in Makkah in 1930. His father was head of the religious court. He completed his bachelor’s in law course in Cairo and later earned a master’s degree in comparative jurisprudence from the School of Law, New York University.

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