When Paddy Padmanathan first pitched the idea of introducing a sliver of renewable energy into Saudi Arabia’s electricity supply, the state utility gave him short shrift.
The chief executive of Riyadh-based energy firm ACWA Power recalls being politely told to “go away” in 2007 after it was pointed out that the supplier was receiving oil at a “very competitive price”, far cheaper than solar.
It was a predictable response in the world’s top crude exporter, which has for decades happily burnt billions of barrels of oil to fuel power plants, desalination units and industries at heavily subsidised rates. “The incentive was not there”, says the Anglo-Sri Lankan executive.… Seguir leyendo »
Washington is furious at Saudi Arabia: Members of Congress are demanding to freeze all cooperation, halt arms sales for a year and remove American troops and missile systems from the kingdom. President Biden warned of “consequences”.
American rage followed the Oct. 5 decision by OPEC Plus — 23 oil producers led by Saudi Arabia, which includes Russia — to cut oil production quotas by two million barrels per day starting in November.
If the United States follows through on its threats, the Biden administration would be a true maverick in Middle East policy, because no other administration — Republican or Democratic — has ever retaliated against Saudi Arabia in any serious manner for its oil policies.… Seguir leyendo »
La relación de EE. UU. con Arabia saudita volvió a empeorar. Después de prohibir las importaciones de petróleo ruso —parte de un amplio conjunto de sanciones económicas impuestas a Rusia por su invasión de Ucrania—, EE. UU. espera que Arabia Saudita y los Emiratos Árabes Unidos (EAU) aumenten su producción para limitar la disparada de los precios, pero se dice que los líderes sauditas y emiratíes estuvieron rechazando las llamadas del presidente estadounidense Joe Biden.
Biden también está buscando otras soluciones. Según se informa, una delegación de EE. UU. visitó Venezuela —con quien EE. UU. había cortado sus relaciones diplomáticas en 2019— para conversar sobre la posibilidad de eliminar las sanciones al petróleo de ese país.… Seguir leyendo »
La reciente decisión de Arabia Saudita de aumentar su producción petrolera representa un cambio brutal en su pensamiento sobre los mercados energéticos y su propia dependencia de las reservas petrolíferas. Atrás quedaron los días en que las reservas petrolíferas sauditas eran gestionadas prudentemente para las generaciones futuras. Al abandonar la banda específica para los precios del petróleo y utilizar su capacidad productiva excedente, el Reino se está alejando del papel que mantuvo durante mucho tiempo como productor responsable de las fluctuaciones del mercado.
El cambio refleja la visión del príncipe heredero Mohamed bin Salmán (MBS): Arabia Saudita cuenta con una ventana de oportunidad relativamente limitada para monetizar sus grandes reservas petroleras.… Seguir leyendo »
At the OPEC meeting held in Vienna on 22 June, Saudi Arabia successfully pushed for an increase in oil production, despite opposition from Iran, Iraq and other smaller producers within the organization. But this victory may yet prove hollow, as the kingdom’s biggest challenge when it comes to balancing production and prices is domestic.
On the one hand, keeping oil prices low helps secure Saudi Arabia’s market share, satisfy the US and increase pressure on Iran. On the other, it is in its interests to keep potential revenues at a level that will maximize the value of its intended initial public offering (IPO) of a stake in Saudi Aramco, the world’s largest oil company, as well as boost the prospects of Vision 2030 – the wide-ranging economic diversification plan closely associated with Crown Prince Mohammed bin Salman.… Seguir leyendo »
For almost 40 years, Saudi Aramco has operated with a tremendous degree of independence for a national oil company. That has worked well for the company and for the country: Aramco has prospered financially and almost single-handedly funded the Saudi state and the royal family.
But that could all be changing. Mohammed bin Salman, the hugely popular crown prince, is reshaping his country, and he seems intent on putting his stamp on Aramco. There are signs that the government is exerting new control over Aramco’s most fundamental decisions.
This is a mistake. Too much interference could destabilize the company and, by extension, a large part of the Saudi economy.… Seguir leyendo »
En una entrevista publicada en 'The New York Times' el pasado 26 de marzo, Donald Trump, más que probable candidato republicano a la Casa Blanca, afirmaba que si fuera elegido presidente no dudaría en utilizar para conseguir sus objetivos geopolíticos lo que coloquialmente se ha venido en denominar el arma del petróleo. Concretamente, el magnate inmobiliario comentó que paralizaría las importaciones estadounidenses de petróleo provenientes de Arabia Saudí y otros países de Oriente Medio, si estos países no se comprometían a enviar fuerzas terrestres para combatir a los yihadistas islámicos y a reembolsar a EEUU los gastos derivados de su defensa.… Seguir leyendo »
For the past half-century, the world economy has been held hostage by just one country: the Kingdom of Saudi Arabia. Vast petroleum reserves and untapped production allowed the kingdom to play an outsize role as swing producer, filling or draining the global system at will.
The 1973-74 oil embargo was the first demonstration that the House of Saud was willing to weaponize the oil markets. In October 1973, a coalition of Arab states led by Saudi Arabia abruptly halted oil shipments in retaliation for America’s support of Israel during the Yom Kippur War. The price of a barrel of oil quickly quadrupled; the resulting shock to the oil-dependent economies of the West led to a sharp rise in the cost of living, mass unemployment and growing social discontent.… Seguir leyendo »
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