The King of Saudi Arabia has removed Sheik Ahmed Zaki Yamani as Saudi Arabia's Oil Minister. Yamani had held the job for twenty-four years. Although it's been rumored for a few years that Yamani was out of favor with the King, his firing shocked the oil market. Yamani's replacement, Hicham Niza, is Saudi Arabia's Planning Minister. NPR's Barbara Mantell has details. "Oil traders here in New York on the mercantile exchange said they had no idea that Yamani was about to be fired, but they took it as a sign that world oil prices would start to rise. Yamani had been leading OPEC in a price war over the past ten months. Saudi Arabia, the largest producer in the cartel, had raised its production and created an oil glut. That lowered the price of oil by 50%. Analysts say Saudi Arabia's King Fahd's supposedly had enough of the price war and of Yamani. King Fahd has said that he would like to see the price of oil rise to about $18 a barrel. And at noon today, New York time, when Saudi Arabia's new Oil Minister called for an emergency OPEC meeting, traders at the mercantile exchange frantically bid up oil prices. They were betting that King Fahd and his new Minister were going to try to set a new policy of higher prices in motion. I'm Barbara Mantell in New York."
Sheik Ahmed Zaki Yamani is generally regarded as the mastermind behind the Arab oil strategy of the 1970s. The man who introduced the word "petro-dollars" into our vocabulary, and who helped bring about one of the most dramatic shifts of international economic and political power in this century. NPR's Elizabeth Coulton has a report:
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