Page 17 - MEOG Week 08 2021

MEOG NEWS IN BRIEF MEOG

oil exporters and Iran, managed a series of contemplate the transition to cleaner energies. Yamani represented four Saudi kings at
production cuts in 1973 and halted supplies “The Stone Age didn’t end for lack of stone, the Organisation of Petroleum Exporting
to the US and other countries. The embargo, and the Oil Age will end long before the world Countries. During the 1970s, the group’s
which caused an international crisis after oil runs out of oil,” he said. members tightened their hold over domestic
prices spiked, was a response to Washington’s Realising that charging too much for crude resources and increased their take of profit
support for Israel in the Yom Kippur war could dislodge it as the world’s main source of from crude sales at the expense of foreign
against Egypt and Syria. It coincided with fuel, Yamani sought to balance Saudi Arabia’s companies, most of them American and
successful efforts by petrostates to wrest desire for steady income with pressure from European, that had developed the assets.
control of pricing power from international oil nations such as Libya and Venezuela to ratchet “The 1970s were the years of real progress,”
companies. up prices. Alirio Parra, Venezuela’s oil minister in the
Yamani was removed from his post in As of February 2021, oil is still in abundant early 1990s and who died in 2018, said. “That
1986, by which time crude prices had dropped supply and Saudi Arabia is the world’s largest was the period when Opec and the producing
to record lows. He had held the position for exporter. But governments and companies are countries gained control over the industry. We
24 years, making him the longest-serving oil ramping up investments in cleaner energies have to give credit, where credit is due, to one
minister in Opec. such as solar, wind and hydrogen to prevent man – Ahmed Zaki Yamani.”
He was also famous for comments global warming. BP said last year that demand BLOOMBERG
that now look prescient as oil producers for oil may have already peaked.

Week 08 24•February•2021 www. NEWSBASE .com P17