• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 57 mins OPEC will consider all options. What options do they have ?
  • 11 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 16 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 3 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 7 hours What to tell my students
  • 1 min With Global Warming Greenland is Prime Real Estate
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 12 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 8 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 7 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 13 hours Flaring is at Record Highs in Texas
  • 23 hours Get First Access To The Oilprice App!
Alt Text

Tainted Russian Oil Crisis May Drag On For Months

Russia could have seriously underestimated…

Alt Text

Is This The End For India-Iran Energy Relations?

U.S. President Donald Trump shook…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Oil Tycoons Make Billions In Saudi Purge

Oil tycoons are applauding Saudi Arabia’s recent anti-corruption raid, which has boosted the net worth of the world’s 21 largest oil tycoons by $1.4 billion, according to Bloomberg.

The boost came on the back of increased crude prices as reports of the arrests emerged.

The net worth of Saudi investor Prince Alwaleed bin Talal, on the other hand—one of the arrested princes—sunk to its lowest level in 5.5 years. His biggest asset, the Kingdom Holding Co., took most of the losses.

The Bloomberg index of billionaires dropped Talal’s ranking 11 places to No. 61. In total, his net worth has sunk $2 billion since the anti-corruption team announced his arrest. Now, he owns a $17 billion fortune, valued at less than half of its 2014 peak.

Crown Prince Mohammed bin Salman’s purge took down Talal in a move that “would be like arresting Warren Buffet or Bill Gates in the United States,” Robert Jordan, former U.S. ambassador to the Kingdom, told CNBC.

Favorable interpretations of what is playing out in Riyadh view the actions as a way to push forward with economic reforms. “The new leadership is committed to modernizing the economy and diversifying the economy and addressing the issue of over-reliance on oil,” Khatija Haque, head of Middle East research at Emirates NBD PJSC, told Bloomberg. “What this signals is that the crown prince is strengthening his position to continue with pushing forward with the reforms that are needed.”

Other analysts say the actions by MBS could undercut one of his own top priorities: Attracting international investment, specifically for the IPO of Saudi Aramco. The arrests without due process “sends a chill down the spine of foreign investors,” Bernard Haykel, a professor at Princeton University, told the New York Times in an interview. And to make matters even more bizarre, a Saudi prince was killed in a helicopter crash near the border with Yemen on Sunday, a seemingly unrelated event with an unknown cause.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Sergei on November 08 2017 said:
    Greetings from sunny Bern. These same billionaires most likely lost 10 Billion euro 2-3 years ago in a week or two. What is your point, do you not like capitalism?

Leave a comment




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