Stay Connected

Former Saudi oil minister says world reaching third oil crisis

07/14/2008
Speculation is contributing to higher world oil prices, not imbalances between supply and demand, according to Saudi Arabia’s former minister of oil, Sheik Ahmed Zaki Yamani, in a published interview.Asked if current conditions are approaching a third oil crisis, Yamani said, “Yes, I think so. This is a new oil crisis. Oil prices are very high.” He said that the two earlier oil crises of the 1970s were caused by “a lack of supply, but now it is because of problems with the price-setting system” in the futures market.“Traders buy and sell depending on speculation and rumors, not supply and demand,” he told Japan’s Nikkei newspaper. “Tha...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.