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The Oil Rally Is Running On Fumes

The Oil Rally Is Running On Fumes

Oil prices rallied on Monday…

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Saudi King Promises To Protect Against Oil Price Slump

In what some note could be a pre-emptive strike against rising social tensions in The Kingdom, new (and potentially crazy) King Salman bin Abdulaziz vowed to limit the impact of lower oil prices on economic growth, demanding that his regional governors "listen to their citizens." King Salman then specifically noted, he would work to "achieve justice for all citizens with no difference between one citizen and another, one region or another," adding that he will "confront the reasons behind schisms in society." Concluding with a warning that "we will never allow for tampering with our security," the King vowed to "boost security forces’ capabilities to defend the nation."

King Salman bin Abdulaziz vowed on Tuesday to limit the impact of lower oil prices on economic growth, saying the kingdom will continue oil and gas explorations while in the meantime working to diversify its revenues. As Al-Jazeera reports, he explained:

“We strive to build a strong economy with diversified revenues, and work to limit the impact of lower oil prices on the development process,” King Salman said during a speech in which he unveiled his domestic and foreign policy agenda.

Related: Saudi Exec Expects $1 Trillion Drop In Energy Investments

“Explorations of oil, gas and natural resources will continue,” the king said.

He stressed that the kingdom is “marching solidly toward growth” and that he would seek “complete, balanced and development.”

But then he went further. As Al-Jazeera notes, the new Saudi King unveiled more domestic and foreign policy agenda items, perhaps giving outsiders a glimpse at the 'problems' the nation is facing...

The king said he would work to “achieve justice for all citizens with no difference between one citizen and another, one region or another.”

“I directed the interior ministry to stress that regional governors [should] listen to their citizens.”

The king said the government will “confront the reasons behind schisms in society,” and “will eradicate distinctions threatening the unity of the country.”

Related: Islamic State To Target Saudi Arabia Next

“Sons of the country are all equal in rights and duties,” he said.

He said both the security and economic councils should “support citizens,” adding that he would not “accept any complacency in offering citizens a decent life.”

The king also vowed to eradicate corruption and hold those responsible accountable.

“Security is everybody’s responsibility, and we will never allow for tampering with our security.”

He described security as a great blessing, and said it is the reason for the prosperity and stability of nations. Related: US Will Never Gain Oil Market Crown Says IEA Head

The king also pledged to “develop specialized healthcare services for all citizens wherever they are,” and highlighted “the necessary need to find housing solutions for Saudis.”

He said the government should “provide education that will offer results suitable to the development process and market needs.”

Meanwhile, he vowed to "boost security forces’ capabilities to defend the nation."

* * *

Standard empty talking points? Or more concerning pre-emptive offers to keep the citizenry quiet?

By ZeroHedge

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