Sheikh Yamani: Saudi Arabia unlikely to embrace oil futures

In an interview this week, former Saudi oil minister Sheikh Yamani told Energy Risk that futures trading on exchanges had turned the global crude oil market into a "casino".

He said it was unlikely that Saudi Arabia would ever follow the example of Oman and Dubai and price its oil from contracts traded on the Dubai Mercantile Exchange, due to the perceived influence of speculators.

"Unfortunately major banks, insurance companies and hedge funds are making huge profits and losses in this casino," he said, referring to oil futures markets globally.

He added that any exchange in the Middle East would need support from all major producers in the region, including Saudi

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Chartis Energy50 2023

The latest iteration of Chartis' Energy50 2023 ranking and report considers the key issues in today’s energy space, and assesses the vendors operating within it

2021 brings big changes to the carbon market landscape

ZE PowerGroup Inc. explores how newly launched emissions trading systems, recently established task forces, upcoming initiatives and the new US President, Joe Biden, and his administration can further the drive towards tackling the climate crisis

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here