• 20 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 22 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Mass EV Adoption Could Lead To $10 Oil

As the adoption of electric…

Alt Text

Goldman Sachs: Inventory Drawdowns Will Not Continue

Goldman Sachs has reported that…

Alt Text

UK Oil And Gas Costs To Rise 100% If Brexit Fails

Brexit negotiators’ failure to secure…

Saudi King Promises To Protect Against Oil Price Slump

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:

Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News