Book Review: ‘Oil Leaders' by Dr. Ibrahim Al-Muhanna
Dr. Ibrahim Al-Muhanna's book, 'Oil Leaders: An Insider's Account of Four Decades of Saudi Arabia and OPEC's Global Energy Policy,' offers a detailed narrative of the oil industry's evolution from a Saudi perspective, drawing on the author's four decades of experience.
Published in 2022, the book coincides with global energy crises triggered by the COVID-19 pandemic and the Russian invasion of Ukraine.
Al-Muhanna relies on data from OPEC, the International Energy Agency and interviews to provide an anecdotal biography of key figures who shaped oil politics, targeting a broad audience including policymakers, researchers and industry professionals.
The book is divided into 11 chapters, beginning with the influential role of Saudi Oil Minister Ahmed Zaki Yamani, whose overconfidence and perceived indispensability are critically examined.
Subsequent chapters highlight other pivotal figures, such as Hisham Nazer, Yamani's successor, and delve into events such as the 1991 Gulf War.
The narrative also covers Luis Giusti, of Venezuela's PDVSA, whose disregard for OPEC quotas sparked tensions, and discusses OPEC's struggles with production cuts and falling oil prices in the late 1990s, which led to economic crises in oil-exporting nations such as Saudi Arabia and Venezuela.
Al-Muhanna explores the political ramifications of oil price fluctuations, noting how high prices influenced US presidential elections and shaped diplomatic interactions, such as George W. Bush's visit to Riyadh.
The book also examines the rise of Russia under Vladimir Putin, the privatization of Saudi Aramco as part of Vision 2030, and the roles of contemporary leaders such as Saudi crown prince Mohammed bin Salman and former US President Joe Biden in shaping global energy policy.
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