Saudi King Goes East In Search Of Friends And Cash

 

The Saudi King kicked off a month-long tour of Asia this week, as the oil kingdom looks to bolster ties in the east as it loses confidence in the U.S. as a stable ally.

The trip began in Malaysia where King Salman inked a $7 billion deal, promising to invest in a Malaysian petrochemical complex run by state-owned oil company Petronas. From there, he will tour Indonesia, Brunei, Japan, China and the Maldives. Continue reading

Why OPEC Will Put The Brakes On At $60 Oil

Instead of continuing to wage an all-out war on the American shale oil industry, which revealed it would bring about its own demise, and therefore the suicide of its ruling class, Saudi Arabia has shifted gears from fighting to pacification.

 

OPEC says a price near $60 will avoid added shale production

Recently renewed talks of a production freeze among OPEC and some non-OPEC producers including Russia have helped to bolster the price of oil in recent weeks, but the organization may not try to raise oil prices beyond $60 per barrel for fear of a renewed glut. Continue reading