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Saudi Arabia And China Team Up To Build A Gigantic New Oil Refinery – Is This The Beginning Of The End For The Petrodollar?

March 23, 2012 3 comments

theeconomiccollapseblog.com

 The largest oil exporter in the Middle East has teamed up with the second largest consumer of oil in the world (China) to build a gigantic new oil refinery and the mainstream media in the United States has barely even noticed it.  This mammoth new refinery is scheduled to be fully operational in the Red Sea port city of Yanbu by 2014.  Over the past several years, China has sought to aggressively expand trade with Saudi Arabia, and China now actually imports more oil from Saudi Arabia than the United States does.  In February, China imported 1.39 million barrels of oil per day from Saudi Arabia.  That was 39 percent higher than last February.  So why is this important?  Well, back in 1973 the United States and Saudi Arabia agreed that all oil sold by Saudi Arabia would be denominated in U.S. dollars.  This petrodollar system was adopted by almost the entire world and it has Read more…

Saudi Arabia vows “iron fist” to end violence

February 22, 2012 Comments off

arabianbusiness.com

Saudi military forces.

Saudi military forces.

Saudi Arabia has vowed to use an “iron fist” to end violence in the country’s east after a sermon preached last week criticised the government’s use of violence against protestors in the kingdom.

The Gulf state’s Interior Ministry has accused an unnamed foreign power, widely thought to mean Iran, of backing attacks on its security forced in its Eastern province.

“It is the state’s right to confront those that confront it first … and the Saudi security forces will confront such situations … with determination and force and with an iron first,” the ministry said in a statement to the Saudi Press Agency.

“Some of those few [who attacked security forces] are manipulated by foreign hands because of the Read more…

China Economic Clout and Nuclear Expertise Invades Saudi Arabia

January 20, 2012 Comments off

oilprice.com

china saudia nuclear powerEver since the end of World War Two, the U.S. has come to regard Saudi Arabia as almost its exclusive oil producing enclave.Ever since the end of World War Two, the U.S. has come to regard Saudi Arabia as almost its exclusive oil producing enclave.

In February 1945, after the Yalta Conference with Soviet General Secretary Iosif Stalin and British Prime Minister Winston Churchill, on his way home U.S. President Franklin Delano Roosevelt and King Ibn Saud met aboard the New Orleans-class heavy cruiser U.S.S. Quincy in the Suez Canal’s Great Bitter Lake. During the meeting, instigated by Roosevelt, he and Ibn Saud concluded a secret agreement in which the U.S. would provide Saudi Arabia military security, including military assistance, training and a military base at Dhahran in Saudi Arabia, in exchange for secure access to supplies of oil.

Sixty-seven years later, my, how things have changed, as China is now muscling into the Kingdom of the Two Holy Places.

On 15 January Visiting Chinese Premier Wen Jiabao and Saudi Arabian King Abdullah bin Abdul Aziz agreed to Read more…

Riyadh will build nuclear weapons if Iran gets them, Saudi prince warns

June 30, 2011 1 comment

guardian

Prince Turki al-Faisal, former Saudi ambassador

Prince Turki al-Faisal: he said that if Iran came close to developing nuclear weapons Riyadh would not stand idly by. Photograph: Hassan Ammar/AFP/Getty Images

A senior Saudi Arabian diplomat and member of the ruling royal family has raised the spectre of nuclear conflict in the Middle East if Iran comes close to developing a nuclear weapon.

Prince Turki al-Faisal, a former Saudi intelligence chief and ambassador to Washington, warned senior Nato military officials that the existence of such a device “would compel Saudi Arabia … to pursue policies which could lead to untold and possibly dramatic consequences”.

He did not state explicitly what these policies would be, but a senior official in Riyadh who is close to the prince said yesterday his message was clear.

“We cannot live in a situation where Iran has nuclear weapons and we don’t. It’s as simple as Read more…

Saudi US Rift widening

April 13, 2011 1 comment

goldandsilverlinings
Back when Egypt was falling apart, not that it still isn’t, the Saudi king was very upset with the US for allowing his good friend Hosni Mubarak to fall. Rumor has it that the King almost or in fact did suffer a heart attack after talking to Obama about the way things were going in the Egypt.

The Saudi’s are now raising concerns that the Bushehr reactor is another Fukushima waiting to happen. The US is turning a blind eye to Saudi Arabia’s concerns, granted the Saudi’s are likely taking advantage of Fukushima to draw attention to their objective of halting Bushehr coming online. Israel has also been very quiet on Bushekr Read more…

UPDATE 2-Oil could hit $200-$300 on Saudi unrest-Yamani

April 5, 2011 Comments off

reuters.com


LONDON, April 5 (Reuters) – Oil prices could rocket to $200- $300 a barrel if the world’s top crude exporter Saudi Arabia is hit by serious political unrest, former Saudi oil minister Sheikh Zaki Yamani told Reuters on Tuesday.

Yamani said he saw no immediate sign of further trouble following protests last month calling for political reforms but said that underlying discontent remained unresolved.

“If something happens in Saudi Arabia it will go to $200 to $300. I don’t expect this for the time being, but who would have expected Tunisia?” Yamani told Reuters on the sidelines of a conference of the Centre for Global Energy Studies (CGES) which he chairs.

“The political events that took place are there and we don’t expect them to finish. I think there are some surprises on the horizon,” he said in a speech.

Saudi King Abdullah offered $93 billion in handouts in March in an effort to stave off unrest rocking the Arab world.

So far, demonstrations in the Kingdom have been small in scale and police were able to easily disperse a Shi’ite protest in the oil-producing eastern province last month.

But Yamani said that the reluctance of people to participate in popular protests was merely concealing underlying discontent.

“Some people relax about the situation in Saudi Arabia because the Saudi Islamic brand prohibits people to go to the street and to talk,” he said in a speech.

 

SAUDI TIME BOMB

Oil traded at two-and-a-half-year highs above $121 a barrel LCOc1 on Tuesday. Libya’s rebellion has shut its oil exports, stoking fears of disruptions in other major producers.

Saudi King Offers His People Money, Reform

March 19, 2011 Comments off

www.npr.org

Saudi King Abdullah bin Abdul Aziz addressing the nation via state-run television in Riyadh. 

AFP/Getty ImagesSaudi King Abdullah bin Abdul Aziz addressing the nation via state-run television in Riyadh. 

In a rare televised speech, Saudi Arabia’s king said he was enacting a $67 billion package that included raises and loans for Saudis.

The AP called King Abdullah’s offer, “the Arab world’s most expensive attempt to appease residents inspired by the unrest that has swept two leaders from power.”

Reuters reports on the details of the package:

Amongst a wave of new spending, the decrees outlined a boost in welfare benefits, bonuses for public sector workers, including the army, and a massive drive to build new housing.
In addition, the king ordered the creation of 60,000 security jobs within the Read more…

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