All Posts Tagged With: "Saudi Arabian Oil Production"

UBS Embarks on Middle East Expansion

UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into the oil-fueled wealth creation occurring in the Middle East.

Merrill Lynch: Emerging Market Infrastructure Spending Will Surge 80% in the Next 3 Years

Merrill Lynch & Co. Inc. (MER) has raised its annual infrastructure-spending estimate for emerging markets by 80%, as developing countries try to keep pace with fast-growing economies and large cash reserves, BusinessWeek reported.

Global Investing Roundups Wednesday, July 9th, 2008

Siemens Slashes Jobs; Southwest Cozies Up to Canada; VMWare Axes CEO; Office Depot Drops on Dismal Sales; Oil Drops $10 in a Week; Fed’s New Lending Restrictions; Anheuser Busch Sues InBev; ConocoPhilips Strikes Deal with Abu Dhabi

Crude Sets New Record

In the energy market Thursday, crude for August delivery jumped as high as $146, before settling at yet another alltime closing high of $145.29 up $1.72. July reformulated gasoline tacked on 2.2 cents, to $3.571/gallon.

Why Crude Oil Is Good Value

Editor’s Note: Crude oil prices are still above $140 a barrel, and King Abdullah of Saudi Arabia has told us all to get used to high prices. But Mike Burnick — senior analyst at The Sovereign Society — says the black goo is ‘pretty cheap.’ When you compare it to other products consumed heavily by Americans, oil actually seems pretty good value.

Speculators Are to Blame for Sky-High Crude Oil Prices

Editor’s Note: Are market fundamentals to blame for sky-high crude oil prices? Of course not, says Andrew Gordon. It’s the tens of billions of dollars pouring into the oil futures markets are. Sure, demand is high – but the high-end costs of producing oil are $70 max, so a barrel of the black goo should cost about $110.

The price of oil climbed 38% between April and June, the biggest quarterly increase in nine years. Today oil stood at $141 a barrel, a slight drop from yesterday’s sky-high $143.

Saudi Arabia Divided on Oil Policy

Editor’s Note: Dave Gonigam in Desidooru Saloon has picked up on a power struggle among Saudi Arabia’s oil elite that could have major implications for the energy market…

How to Play Dubai’s Construction Boom

Editor’s Note: Money Morning’s William Patalon III says Dubai’s oil-sponsored development bonanza could yield some great returns on well-placed investments. At the top of the list is Dubai’s ambitious $82-billion plans for the aerospace industry.

US Legislators Missing the Point About the Oil Crisis

Editor’s Note: Banning speculators will bring down crude oil prices says Congress. But they’re missing the point, says Dave Gonigam in The Daily Reckoning. This will not address the imbalance in the oil market… “In ’speculators,’ everyone from members of Congress to the king of Saudi Arabia has found an excuse to ignore the supply-demand imbalance that’s at the heart of $138 oil,” says Dave. “It enables denial.”

Saudi Pledge Fails to Bring Down Oil Prices

Crude oil prices are up again today despite a pledge by Saudi Arabia to boost production.

Traders focused instead on disruptions to Nigerian supply and heightened Middle East tensions — namely Iran’s threat of a “devastating” response to any attack on its nuclear sites by Israel.

On Friday, Pentagon officials said a large-scale Israeli military exercise in the eastern Mediterranean early this month may have been a dress rehearsal by Israeli forces for an attack on Iranian nuclear facilities.

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