Sunday, September 15, 2019

Tag: Prince Mohammed bin Salman

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said. The government is reviewing thousands of projects valued at about 260...

Saudi Arabia Strikes Back

For those concerned about the fallout from President Barack Obama and his administration’s nuclear deal with Iran — the Joint Comprehensive Plan of Action, or JCPOA — the hits just keep on coming. The recent revelation that the United States handed over $400 million in cash to Iran on the...

The Future of U.S.-Saudi Relations

The Kingdom and the Power. The relationship between the United States and Saudi Arabia has come under unprecedented strains in recent years. U.S. President Barack Obama has openly questioned Riyadh’s value as an ally, accusing it of provoking sectarian conflict in the region. According to The Atlantic’s Jeffrey Goldberg, when...

Saudi Arabia said to weigh bond sale of up to US$15b

Saudi Arabia is considering selling as much as US$15 billion of bonds this year in what would be the country's first foray into international capital markets, people with knowledge of a matter said. Encouraged by Qatar's record issue last week, Saudi Arabia is weighing a sale of at least...

Saudis Have Lost the Oil War

Poor Saudi Arabia. They don’t realize it yet but they have lost their oil war. The war in its current phase began in September, 2014, when the dying King Abdullah and his Minister of Petroleum, Ali Al-Naimi, told US Secretary of State John Kerry they would gladly join Washington...

The Desperate Plight of Petro-States

With a Busted Business Model, Oil Economies Head for the Unknown. Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil...

Say goodbye to OPEC, powerful Putin pal predicts

Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel. Russia, which has been hit hard by the oil price collapse, was flirting with the...

Saudi Shakeup: Ali Naimi Out, Al-Falih In, Market Share Battle Continues

Saudi Arabian King Salman dismissed oil minister Ali Naimi on Saturday. The move comes a month after the Royal Kingdom announced plans to decrease its economy's reliance on oil in an economic plan called "Vision 2030". Al-Naimi has been named an adviser to the royal court. Khalid & The Deputy...

Saudi’s New Oil Boss Vows to Maintain Policy

Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale. Al-Falih, also chairman of the state producer Saudi Arabian Oil Co., said on his first...

Oil Shocker: Saudi Arabia Fires Powerful Oil Minister al-Naimi In Dramatic Power Reshuffle

For years, Ali al Naimi was the most important person in the world of oil: the former CEO of Saudi Aramco ascended to the post of Saudi oil minister in 1995, and over the past 21 years had the power to send the price of oil soaring or plunging...

Saudi Arabia is suddenly facing a serious catastrophe – here’s why

Saudi Arabia is in serious trouble. The BinLadin Group, the kingdom’s largest construction company, has terminated the employment of fifty thousand foreign workers. They have been issued exit visas, which they have refused to honor. These workers will not leave without being paid back wages. Angry with their employer,...

The $2 Trillion Gamble That Saudi Arabia Cannot Win

Prince Muhammad Bin Salman, 30, the deputy crown prince of Saudi Arabia laid out his vision for Saudi Arabia on Monday in a plan called “Vision 2030.” He wants to get Saudi Arabia off its oil dependence in only 4 years, by 2020, and wants to diversify the economy...

Saudi Arabia Plans to Break Its Addiction to Oil

Riyadh has an ambitious plan to transform and diversify its oil-dependent economy. Saudi Arabia's new leadership desperately needs it to work. Saudi Arabia on Monday unveiled a sweeping plan to diversify its economy and wean its excessive reliance on crude oil exports by 2030, a blueprint that represents the most...

Saudi Arabia may be in for a nasty shock when Obama steps down

The mood in the US is changing as politicians and the media explore Saudi links to 9/11 terror attacks. Foreign leaders visiting King Salman of Saudi Arabia have noticed that there is a large flower display positioned just in front of where the 80-year-old monarch sits. On closer investigation, the...

U.S.-Saudi Relations

The U.S.-Saudi Arabia alliance, which survived the oil embargo in 1973 and the attacks of September 11, 2001, in which fifteen of the nineteen passenger jet hijackers were Saudi citizens, is coming under new strains. A new generation of Saudi Arabian leaders is adjusting to what it sees as...

Jordan pivots to Saudi Arabia

Jordan's pivot to Saudi Arabia, specifically over the latter’s hard-line stand on Iran and its alleged interference in Arab countries’ affairs, took a major leap forward following the visit April 10 by Saudi Deputy Crown Prince Mohammed bin Salman, where he met with King Abdullah in the port city...

Saudis threaten $750B asset sale, but experts question it

Saudi Arabia says it may sell off $750 billion in U.S. assets if a Congressional vote doesn't go its way, but experts question if the desert kingdom would carry out the threat — or if it even owns the assets. Last month, Saudi Foreign Minister Adel al-Jubeir told the White...

The Long Divorce

How the U.S.-Saudi relationship grew cold under Barack Obama's watch. The initial defining moment of President Barack Obama’s attitude toward Saudi Arabia, for many people, was when he bowed to King Abdullah as he shook his hand at the London G-20 summit meeting in April 2009. The gesture, which the...

Iran-Saudi rivalry strains Doha oil talks

A quorum of members of the Organization of Petroleum Exporting Countries (OPEC) and other oil producers such as Russia attempted to reach consensus on freezing output but had to play second fiddle to geopolitical rivalry between heavyweight exporters Iran and Saudi Arabia. A communique calling for an output freeze until...

Saudi Arabia’s Deputy Crown Prince Outlines Plans: Transcript

Bloomberg’s Editor-in-Chief John Micklethwait and five other Bloomberg journalists spent five hours talking to Saudi Deputy Crown Prince Mohammed bin Salman in his palace compound in Riyadh. In the wide-ranging interview, Prince Mohammed discussed selling shares of Saudi Aramco, the National Transformation Program, energy markets and U.S.-Saudi relations. Below is...

Biggest Ever Saudi Overhaul Targets $100 Billion of Revenue

The biggest economic shake-up since the founding of Saudi Arabia would accelerate subsidy cuts and impose more levies, a plan to spread the burden of lower crude prices among a population more accustomed to government largess. Outlining his vision in a five-hour interview with Bloomberg News last week, Deputy Crown...

U.S. Oil Rig Count Down by 10

Now about 72% fewer rigs of all kinds since peak in October 2014. The U.S. oil rig count fell by 10 to 362 in the latest week, according to Baker Hughes Inc., maintaining a trend of declines. The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the...
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Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince

Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets. Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more...

Saudi Arabia Will Only Freeze Oil Production If Iran Joins

Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilizing the over-supplied global crude market. The warning by Mohammed bin Salman, 30, who’s emerged as...

Saudis, Turks Bid to Open Lebanon Front

With a series of blatant measures, Saudi Arabia and its regional allies are evidently trying to destabilize Lebanon. The development is apiece with how Saudi Arabia and Turkey have both sought to undermine the ceasefire in Syria and to escalate that conflict to a region-wide level. A New York Times report this week...

Saudi Arabia turns to Turkey

Saudi Arabia and Turkey have agreed to form a Strategic Cooperation Council to coordinate and develop relations between the countries in terms of economic, political, defense, security, education and health issues. The countries also are discussing military cooperation, especially with regard to Syria. The custodian of the two holy mosques, Saudi King Salman bin...

What’s Really Going on With Oil?

If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at...

Why a Saudi Aramco IPO Makes Absolutely No Sense for Saudi Arabia

The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its power, influence, and success. If Saudi Aramco goes public, Saudi Arabia will face an enormous existential dilemma. The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its...

Saudi Aramco IPO More About Geopolitics Than Finance

In the first week of 2016, Saudi deputy crown prince Mohammed bin Salman, in an interview with the Economist, revealed that the Saudi government is considering selling shares in government-owned Saudi Aramco and/or its downstream assets through an IPO. He indicated that a decision on the IPO and its...

The Saudi-Iran War Is America’s Fault

And now it’s Washington’s job to make sure it doesn’t spin out of control. The United States cannot ignore or choose to stay out of the brewing rivalry between Iran and Saudi Arabia. It is not a purely religious feud, and it is not someone else’s civil war — it’s...

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