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
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