Saudi Arabia is playing chicken with its oil

By Mohamad Bazzi for REUTERS – In August 1973, Egyptian President Anwar Sadat paid a secret visit to the Saudi capital, Riyadh, to meet with King Faisal. Sadat was preparing for war with Israel, and he needed Saudi Arabia to use its most powerful weapon: oil. Until then, King Faisal had been reluctant for the …

GCC economies to remain resilient to lower oil prices

By Babu Das Augustine, for Gulf News- Gulf Cooperation Council (GCC) economies can withstand the pressures resulting from lower oil prices without having to make significant policy adjustments but, if needed, will likely adjust their fiscal policies accordingly, said analysts. “In general, we believe there is greater tolerance for fiscal deficits or weaker surpluses in …

I have “a fundamental difference” with the oil minister, says Prince Alwaleed

THE LEVANT – Saudi billionaire Prince Alwaleed bin Talal said he had “a fundamental difference” of opinion with Saudi Oil Minister Ali Al Naimi on the kingdom’s policy not to reduce oil production in the wake of declining prices, but stopped short of demanding the minister’s resignation. Prince Alwaleed last week said the world’s top …