According to Yamani, King Saud then offered him the position of Oil Minister but this was declined. Several months later a new cabinet was formed with Faisal as Crown Prince and Deputy Prime Minister and in March 1962 the incumbent Oil Minister and founding father of OPEC, Abdullah Tariki, was replaced by Ahmed Zaki Yamani. In 1962 the General Petroleum and Mineral Organization (Petromin) was established, designed to become the national oil company. In 1964 University of Petroleum and Minerals was established, with the aim of producing Saudis with the skills to manage this company in the future. Following OPEC negotiations in 1972, the Saudi government bought 25% ownership of Aramco. From 1974, Saudi participation increased to 60% and in 1976 total Saudi ownership was agreed, with payments completed in 1980. As Oil Minister of oil-rich Saudi Arabia, Yamani took an important role in the development of the newly created OPEC. Faced with the 1967 Arab-Israeli War, Yamani spoke against the use of an Arab oil embargo. The 1967 embargo was ineffective, although the experience led to a consideration of the possible political benefits of an Arab-only oil organisation. Yamani took the lead role in the development of this idea and in 1968 the Organization of Arab Petroleum Exporting Countries (OAPEC) was joined by Saudi Arabia, Kuwait and Libya. Several other countries joined in 1970 and Egypt, Syria and Iraq joined in the early 1970s. During the Yom Kippur War, Yamani took the initiative and planned to drop oil production initially by 10 percent alongside other OPEC members, followed by 5 percent reductions each month. On 16 October, the six Persian Gulf members of OPEC met in Kuwait and took the decision to raise oil prices from US$3 to $5.12. This was the first time the producer countries had independently set the price of their oil. On the next day, the ten OAPEC members agreed to Yamani's moderate production cutback proposals. An embargo to countries seen as "hostile" was also recommended but not enforced, although by 22 October all OAPEC countries had placed an embargo on the United States and the Netherlands. The production cutbacks, increased to 25 percent in November, affected the economic health of all Western powers. To gain political support, Yamani travelled through Europe, the United States and Japan with Algerian oil minister Belaid Abdesselam. Both Yamani and OPEC became well known in the West for the first time, with Yamani described as "the man of the moment" in Newsweek International's 24 December 1973 cover article.