Dubai, United Arab Emirates (CNN) – The Kingdom of Saudi Arabia announced, on Tuesday, the death of Ahmed Zaki Yamani, a former oil minister who “stood behind” the oil price shock of 1973, at the age of 90.
Yamani met with colleague John Defterios at CNN in 2010, where he explained what happened in 1973, saying: “It was a long story. America’s reaction to what happened was not limited to one reaction. They decided to raise the price of oil by 400% and thus they deprived OPEC of their strategic power, oil. The Arab was supposed to be behind it, not to harm the economy, but to draw the attention of the world opinion that there is a problem between the Palestinians and the Israelis .. “
Yamani continued at the time, saying, “Unfortunately, many were interested. OPEC members love money and revenues, and that is why they paid the price up as quickly as possible and paid the price for what they did ..”
In response to a question about whether he regretted the actions taken in 1973? Al-Yamani replied, “No, no, I do not regret it. I regret what OPEC did, you cannot really manage the price. It was a mismanagement of prices and a mismanagement of power ..”
It is noteworthy that in the year 1973-1974 there was a blocking of Arab oil as a response to the support of former US President Richard Nixon towards Israel and the conflict with Egypt and Syria, which was described by the former US Secretary of State, Henry Kissinger as “Arab blackmail.”