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Why Saudi Arabia Won’t Cut Oil Production
Why Saudi Arabia Won’t Cut Oil Production Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward. At first blush, the collapse of oil prices and the resiliency of U.S. […]
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality “They are working for their market share, not for the price,” Kazakh Prime Minister Karim Massimov told Bloomberg on Saturday, during the same interview in which he predicted that sooner or later, dollar pegs in Saudi Arabia and the UAE would […]
Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold
Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn’t this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian […]
Saudis Could Face An Open Revolt At Next OPEC Meeting
Saudis Could Face An Open Revolt At Next OPEC Meeting OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of […]
The Saudi Royals — Unchained
The Saudi Royals — Unchained Exclusive: With President Obama afraid of upsetting the Saudis anymore after the Iran-nuclear deal, he has given them pretty much a free hand to bomb and blockade Yemen. Meanwhile, the Saudi royals also are displaying their contempt for the United Nations and its Yemen peace efforts, Joe Lauria reports. By Joe […]
The Saudi Oil Price War Is Backfiring
The Saudi Oil Price War Is Backfiring Saudi Arabia has long enjoyed the status of being the top crude oil exporter in the world. With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have […]
The Looming Bankruptcy Of Saudi Arabia
The Looming Bankruptcy Of Saudi Arabia There’s two interesting little stories in this idea that Saudi Arabia is going to go bust in a couple of years as a result of the sagging oil price. Both are more general economic ideas than just the story of that oil price. The first is that mono-anything in […]
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing Two weeks ago, Morgan Stanley made a decisively bearish call on oil, noting that if the forward curve was any indication, the recovery in prices will be “far worse than 1986” meaning “there would be little in analysable history that could be a […]
Oil Re-Bloodies the “Smart Money”
Oil Re-Bloodies the “Smart Money” The “liquidity death spiral.” Oil plunged again on Monday, with West Texas Intermediate down over 4%. At $45.17 a barrel, it’s just a hair away from this year’s oil-bust low. During 8 weeks in a row of relentless declines, WTI had plunged 26%. July’s 21% drop was the largest monthly decline since […]
Saudis Expand Price War Downstream
Saudis Expand Price War Downstream The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the […]
This Is Why The U.S May Actually Not Be The No.1 Oil Producer
This Is Why The U.S May Actually Not Be The No.1 Oil Producer According to the recently-released BP (NYSE: BP) Statistical Review of World Energy 2014, the U.S. was the world’s largest and most diverse energy producer in 2014. The Statistical Review ranked the U.S.: #1 in oil production #1 in natural gas production #1 in nuclear power […]
Making Excuses for Saudi Misbehavior
Making Excuses for Saudi Misbehavior Exclusive: Saudi-Israeli apologists are doing back flips to justify why the U.S. interest in having peaceful relations with Iran should take a back seat to sectarian and regional desires of Riyadh and Tel Aviv, including that peace with Iran will cause the Saudis to misbehave even more, notes Daniel Lazare. As the former publisher of […]
Muslim scholars say climate change poses dire threat
Muslim scholars say climate change poses dire threat The sacred mosque at Mecca in Saudi Arabia, one of the oil-rich countries urged to refocus on the environment. Photo by XXXshatha via Wikimedia Commons LONDON, 15 July, 2015 − Human beings could cause the ending of life on the planet, says a group of Islamic scholars − […]
US/Israeli/Saudi ‘Behavior’ Problems
US/Israeli/Saudi ‘Behavior’ Problems There is a madness in how the mainstream U.S. media presents the world to the American people, a delusional perspective that arguably creates an existential threat to humanity’s survival. We have seen this pattern in the biased depiction of the Ukraine crisis and now in how Official Washington is framing the debate over the Iranian […]
