Saudi Arabia

A Kingdom In Turmoil: Saudi Societal Discontent Grows

"Given the current state of affairs in the Middle East, continued Saudi support for extremism and terrorism and increasing Islamic terror attacks on Europe and the US, US/Saudi relations will continue to deteriorate or remain in flux, regardless who wins the US Presidency in November 2016... we are likely to see more societal discontent and harsher responses by the Saudi oligarchy. Some signs are already evident..."

Hillary Clinton Enters The Media Wars

Never in a million years did we think Hillary herself would so publicly enter the Media Wars. The speech itself was pretty bizarre.. and will ultimately backfire by providing free publicity and fame to many of those she intended to demonize. Precisely because she is so polarizing, Clinton can only make an opposing movement far stronger by engaging in direct attacks on them. She is incapable of being a unifying figure for this country, so the moment she calls out a group as her enemy, many people on the sidelines will suddenly say, well maybe they’re not so bad.

Iran Sets Condition Under Which It Would Join OPEC Oil Production Freeze

Iran's oil minister Bijan Zanganeh made the most explicit statement on the topic, when he laid out the conditions under which Iran would be willing to "help other oil producers stabilize the world market."  It was a simple condition: Iran will cooperate as long as it is excluded from the freeze.

Largest Saudi Bank Crashes To Record Low

Despite the exuberant rebound in the price of oil - and the hope that this means something other than an over-financialized commodity being short-squeezed by rumors - all is not well across the oil producers of the world. Having noted the record surge in default protection for Saudi Arabia (ahead of its looming debt deal), we note that National Commercial Bank's stock price has collapsed to record lows. This is Saudi Arabia's largest bank, and is often used as a proxy for the royal family's wealth...

OPEC's Output Freeze: What Has Changed Since Doha?

It’s possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it’s also possible that they are ramping up production to take the sting out of a freeze. This is a delicate balancing act that the Saudis need to play very carefully.

Oil Erases 'Iran Rumor' Rally Following Inventory Data As Angola Supply Soars

Despite denials, yesterday's oil price rally sustained on the back of rumors that Iran was willing to support a production freeze. However, an unexpected crude build overnight from API combined with news that Angola has overtaken Saudi Arabia as the number 1 seller of oil to China (more supply at the margin) has sunk WTI Cride back to $47 - erasing all of yesterday's gains...

Over Half Of Hillary's Private Meetings As Secretary Were With Donors Who Paid $156 Million

At least 85 of 154 people who met or spoke to Clinton at  State, donated to her family charity. Combined, the 85 donors contributed as much as $156 million. At least 40 donated more than $100,000 each, and 20 gave more than $1 million. Separately, she met with representatives of at least 16 foreign governments that donated as much as $170 million.

Jill Stein: In A Time Of Universal Deceit, "WikiLeaks Founder Assange Is A Hero"

George Orwell said, “In a time of universal deceit, telling the truth is a revolutionary act.” Thanks to WikiLeaks, we know that powerful institutions have been abusing their power and lying to the public. WikiLeaks founder Julian Assange is a hero. Like Edward Snowden, Chelsea Manning, and other whistleblowers facing government persecution, Assange has sacrificed his personal comfort and safety to bring us the truth.

The Permian Pitfall: A Race To The Bottom For Tight Oil

Remember the shale gale and Saudi America? The scale of those outlandish delusions has now dwindled to plays in a few counties in West Texas and southeastern New Mexico. Saudi Permian. It’s a race to the bottom as investors double down on the tight oil companies that can still tell a growth story.

Investors Panic-Buy Saudi Default Protection Ahead Of Big Debt Deal

Amid expectations that The Kingdom will sell bonds as early as next month, investors are panic-buying protection against default on Saudi Arabia. The last few weeks have seen a surge in CDS notional outstanding to its highest on record even as Saudi risk has stabilized after quadrupling in the last year.

OPEC Ignites Biggest Short Squeeze In History: Hedge Funds Cut Oil Shorts By Most On Record

The past week saw the biggest crude oil short squeeze on record as money managers cut bets on falling prices by the most ever.  Hedge funds trimmed their short position in WTI by 56,907 futures and options during the week ended Aug. 16, the most in data going back to 2006. As a result WTI soared nearly 10% in the past week, pushing it into a bull market just three weeks after it tumbled into a bear market.

The Answer To Whether The Oil Market Has Rebalanced

The oil market is not rebalancing as some have suggested, in fact it appears to be still oversupplied by a large measure when taking into account the year over year additions to Total Stocks. Plus when adding in the effects of floating storage, the additions to alternative products for refined product there seems a desperate effort by the oil industry to move the commodity around from Cushing to the Gulf Coast.

Yemen Offers Russia Use Of Its Airports And Ports In "Fight Against Terrorism"

A newly-formed governing council in Yemen could work with Russia to "fight terrorism" by allowing Moscow use of the war-torn country's military bases, Yemen's former president said on Sunday.  "In the fight against terrorism we reach out and offer all facilities. Our airports, our ports... We are ready to provide this to the Russian Federation," Saleh said in an interview.