The price isn't right

Former Saudi oil minister and head of Opec, His Excellency Sheikh Yamani, speaks to Roderick Bruce about his views on the past, present and future of the global crude oil markets


Sheikh Ahmed Zaki Yamani was Saudi Arabia's minister of oil and mineral resources from 1962 to 1986. He presided over the energy policy of the world's biggest crude oil producer during some of the most tumultuous periods the global oil markets have seen, including the oil price shocks of 1973 and 1979.

The second shock in particular changed the dynamics of the oil markets, as high prices drove demand destruction and over-supply, creating the 'oil glut' of the early 1980s. Despite Yamani's

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