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looking beyond borders

foreign policy and global economy

Archive for the tag “oil”

Mohammed bin Salman Is Having a Fire Sale Of His Political Power

The two most important facts about Aramco are now directly in tension with one another. It has been central to the power of the House of Saud precisely because the royal family has had it under tight control. At the same time, Crown Prince Mohammed bin Salman has made it central to his plan to transform the country, known as Vision 2030, by promising to sell shares of the company to investors—thus giving them greater control over it.

Read Here – Foreign Policy

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Should China Police The Strait Of Hormuz?

During the late June 2019 crisis in the Persian Gulf, the American president made a startlingly candid observation (even by his standards): “China gets 91 percent of its oil from the Straight (sic), Japan 62 percent, and many other countries likewise. So why are we protecting the shipping lanes for other countries (many years) for zero compensation. All of these countries should be protecting their own ships …”

Read Here – The National Interest

Why America Can’t Afford to ‘Take The Oil’

U.S. dependence on foreign oil has shifted. Thus, America’s interests are no longer as vulnerable to negative events in the Middle East as they were in 1980.

Read Here – The National Security

Modi Says India Values Saudi’s Vital Role

On the occasion of his visit to Saudi Arabia, his second in three years, India’s Prime Minister Narendra Modi said  that the two countries have been working together within the G20 to reduce inequality and promote sustainable development.
Modi said with the signing of an agreement on a Strategic Partnership Council, already robust and deep bilateral ties in various fields will only strengthen further. Saying stable oil prices are crucial for the growth of the global economy, he praised the Kingdom’s role as an important and reliable source of India’s energy requirements.

Read Here – Arab News

Also Read: MBS’s Reform-Driven Saudi Offers India Room To Strengthen Bilateral Ties

Four Collision Courses For The Global Economy

Between US President Donald Trump’s zero-sum disputes with China and Iran, UK Prime Minister Boris Johnson’s brinkmanship with Parliament and the European Union, and Argentina’s likely return to Peronist populism, the fate of the global economy is balancing on a knife edge. Any of these scenarios could lead to a crisis with rapid spillover effects.

Read Here – Project Syndicate

Five Reasons Why The Saudi Oil Attacks Won’t Lead To War With Iran

Almost immediately after the attack on a major Saudi Aramco oil production facility in Abqaiq, the first fingers were pointed at Iran…As Saudi oil production halved and U.S. gasoline prices spiked, President Donald Trump raised the stakes. He warned that the United States was “locked and loaded”  following identification of the perpetrator. This led numerous outlets to claim that a U.S.-Iran war is likely or even inevitable. Fortunately, there are five reasons why it’s not.

Read Here – The National Interest

U.S. Blames Iran For Saudi Oil Attack, Trump Says ‘Locked And Loaded’

U.S. President Donald Trump said the United States was “locked and loaded” for a potential response to the attack on Saudi Arabia’s oil facilities, after a senior U.S. administration official said Iran was to blame. Trump also authorised the use of the U.S. emergency oil stockpile to ensure stable supplies after the attack, which shut 5% of world production and sent crude prices soaring more than 19% in early trade on Monday, before moderating to show a 10% gain.

Read Here – Reuters

Also Read: Saudi oil facility attacks may have come from Iraq

Iran Rejects US Accusation Over Drone Attacks On Aramco Plants

Iran has dismissed accusations by the United States that Tehran was behind drone attacks that set ablaze two major Saudi Aramco oil installations, as Saudi Arabia raced to restore operations at the damaged facilities. Yemen’s Houthi rebels claimed responsibility for Saturday’s assault on Abqaiq – the world’s largest oil processing plant – and the Khurais oilfield. The pre-dawn strikes knocked out more than half of crude output from the world’s top exporter.

Read Here – Al Jazeera

Will China Freeze America Out Of The Arctic?

The implications of China owning a large “stake” in what will likely become strategic Arctic waterways is concerning since China could use its economic leverage to deny passage to U.S. or allied ships or those ships that threaten its interests. To be clear, this has not happened and China has not declared that this is one of their strategic goals; but, money talks!

Read Here – The National Interest

Why the Strait of Hormuz Is Still the World’s Most Important Chokepoint

The Strait of Hormuz links the majority of the world’s people who live along the shores of Asia and East Africa to the heart of the Middle East. Long before the discovery of oil, it was the world’s carotid artery. Cut off the blood supply almost anywhere else and the world would adapt. Here, however, an interruption could be fatal: 90 percent of oil exported from the Gulf, about 20 percent of the world’s supply, passes through Hormuz.

Read Here – Foreign Affairs

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