A border is being drawn in the Middle East for a "new civilization." Spanning across Saudi Arabia, Jordan and Egypt, it will house Crown Prince Mohammed bin Salman’s $500 billion vision for the future of living: a fully-automated megacity run on artificial intelligence (AI) called Neom. Here, there will be more robots than people, so residents will be free to spend time on what matters to them and lead happier lives. That is, of course, if the AI is friendly.
The US dollar is highly important in today's economy for three main reasons: the huge amount of petrodollars, the use of the dollar as the world's reserve currency, and the decision taken by US President Nixon in 1971 to end the dollar convertibility into gold.
The insatiable demand of the global building boom has unleashed an illegal market in sand. Gangs are now stealing pristine beaches to order and paradise islands are being dredged and sold to the construction industry. Neil Tweedie investigates a hidden disaster
India is looking forward to exploring some of Israel's offshore gas fields soon. Analysts suggested that by including oil in its relationship with Israel, India is giving a strong message to Iran that has held up the allocation of two gas fields discovered by oil companies.
The kingdom's privatisation plans dwarf those of Thatcher or even the post-Soviet 'Wild East'. And they will change the country out of all recognition
by James Corbett corbettreport.com November 12, 2017 Saudi Arabia, May 2017. A private yacht sails into the port by corbettreport
A key geopolitical axis is swiftly shifting...
Mohammed bin Salman, signed the death warrant of Wahhabism and ushered in a new era in Middle Eastern politics.
Forget the "official narrative" that Qatar was isolated due to its support of terrorism.
2016-01-20: why are the countries of Persian Gulf region announcing ambitios plan for renewable energy when the fossil fuels they produce is so cheap?
2016/01/12: a story that passed largely unnoticed in our American world. Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%. Though it still remains dirt cheap by global standards, that act -- which is like charging for salt water in the middle of the ocean -- is an indication that something startling is going on. And note that, in the years to come, that kingdom's rulers are planning to cut back on similar subsidies for “electricity, water, diesel, and kerosene.” In other words, the world’s largest oil producer and a country of striking wealth (and foreign reserves) no longer feels comfortable giving away gas to its own population, even though this is part of a bargain it struck long ago for peace in the kingdom.
And the reason for this has little to do with Iran or Syria or Yemen or Iraq or the Islamic State. The problem is far more basic, as TomDispatch’s resident energy expert Michael Klare points out today. It’s the price of oil, which in the last 18 months has dropped through the floor. In a sense, the oil business -- with its constellation of giant energy firms, until recently among the most profitable companies in history, and its energy-producing states, until recently riding high -- may prove to be the natural-resource equivalent of a failed state, and, as Klare makes clear, the changing economics of oil will transform the political face of the planet. So keep your eye on Saudi Arabia. Things there could get ugly indeed.
While Saudi officials contemplate whether or not to sell shares in their massive energy company - Aramco, some experts suggest that Riyadh may have underestimated Western investors' concerns about the company's secrecy, corruption, and the global oil glut.
There is horrific new blood on our hands after another 47 civilians were killed after a mistaken wedding bombing
The Petrodollar, long serving as the US leverage to encourage and facilitate USD recycling, and a steady reinvestment in US-denominated assets by the Oil exporting nations, and thus a means to steadily increase the nominal price of all USD-priced assets, just drove itself into irrelevance. A consequence of this year's dramatic drop in oil prices, the shift is likely to cause global market liquidity to fall. This decline follows years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling. But no more: "this year the oil producers will effectively import capital amounting to $7.6 billion.
By exploiting weaknesses and divisions, the extremist group has been able to establish a brutal regime in just 12 months.
Recent developments in the region have caused serious damage to ISIL's popularity, argues Hassan Hassan
February 11, 2015 The front page of The Wall Street Journal on Tuesday, February 10 proclaimed "Oil-Price Rebound Predicted" according to the IEA (International Energy
Iran has repeatedly - and yet unsuccessfully - asked Saudi Arabia to trim its oil production this month so that Tehran could make some cash on higher crude prices.
Please visit my new website artberman.com Exporting crude oil and natural gas from the United States are among the dumbest energy ide...