• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 14 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 6 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 8 mins Today United States President Trump Questioned U.S. Policing Straights of Hormuz for Rich Asian Countries. Allies Britain and Japan asked to participate. They said NO. Nice friends, huh. US spends $100 Billion a year Protecting Mideast Shipping Lanes!
  • 4 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 7 hours N.Y. Governor Signs Climate Bill
  • 3 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 22 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 21 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 16 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Shale Oil will it self destruct?
Alt Text

Oil Prices Set For Worst Weekly Drop In Five Weeks

Concerns about weakening global economy…

Alt Text

The Two Most Important Catalysts For Oil

Oil prices never stay quiet…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

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

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play