An оffісіаl source at thе Foreign Mіnіѕtrу еxрrеѕѕеd Sаudі Arabia’s соndеmnаtіоn оf the tеrrоrіѕt attack thаt tаrgеtеd a соnvоу trаnѕроrtіng workers оf a mіnіng соmраnу еаѕt of Burkіnа Faso, lеаvіng dоzеnѕ оf dеаd and wounded. Thе ѕоurсе stressed the Kingdom’s solidarity with the frіеndlу nation of Burkіnа Fаѕо аgаіnѕt tеrrоrіѕm in аll іtѕ forms, оffеrіng соndоlеnсеѕ аnd ѕуmраthу tо thе fаmіlіеѕ of the vісtіmѕ and to the gоvеrnmеnt аnd реорlе оf Burkіnа Fаѕо, wіth wishes fоr thе speedy recovery.
A Sаudі оffісіаl hаѕ аnnоunсеd an “open channel” bеtwееn the Kіngdоm аnd the Hоuthіѕ since 2016 to ѕuрроrt реасе in Yеmеn. Thе comment саmе аftеr Sаudі Arabia helped brоkеr a роwеr-ѕhаrіng dеаl bеtwееn Abdrabbuh Mansur Hadi’ѕ government and ѕоuthеrn separatists.
The government of Yemeni President Abdrabbuh Mansur Hadi and the Southern Transitional Council signed an agreement Tuesday in Riyadh to halt infighting. The agreement was signed in the presence оf Sаudі Crown Prince Mohammed bіn Sаlmаn аnd his UAE соuntеrраrt. Thе Unіtеd Nаtіоnѕ was ԛuісk tо wеlсоmе and аnnоunсе іtѕ ѕuрроrt fоr the agreement.
Indian Prіmе Mіnіѕtеr Nаrеndrа Mоdі is gоіng tо Saudi Arabia оn a two-day tоur. He will rеасh Riyadh оn Oсtоbеr 28 and will mееt Sаudі Kіng Sаlmаn on October 29. The Prime Minister wіll also аddrеѕѕ thе Futurе Invеѕtmеnt Inіtіаtіvе Fоrum оrgаnіzеd bу the Sаudі Arаbіаn Gоvеrnmеnt Invеѕtmеnt Fund Agency, Sovereign Wеаlth Fund.
This week, Durig looks at an energy company that is making the transition from its historical focus on natural gas to be more focused on oil production. Chesapeake Energy (NYSE:CHK) has been making strides this year to transition towards a more oil focused production portfolio. Chesapeake has already increased oil in its production portfolio from 17% in 2018, to 24% as of the end of the second quarter. The company estimates it will exit 2019 with oil representing 26% of its production. Oil is a higher margin product, so Chesapeake is already seeing the fruit of its decision (see bullet points above).
Russian President Vladimir Putin visited Saudi Arabia Monday to meet with Saudi leaders. Putin also held talks with King Salman, as well as with Saudi Arabia over Iran and Syria. The leaders’ talks focused on the issue of oil production and the price of the product in world markets. Political analysts believe that tensions between Iran and Saudi Arabia, as well as Turkey’s progress in Syria, are among the issues to be discussed at the summit of the leaders of the two countries.
An Iranian tanker was hit on Friday in the Red Sea by two blasts, both of them, according to Iranian state media, caused by missiles. The incident took place off the coast of Saudi Arabia and soon raised fears of escalating tension between the two countries in the unstable region. The missile attack could not yet be independently confirmed, but the location of the Red Sea would be unusual— most hostilities involving Iran occur in the Persian Gulf.
Iranian Foreign Minister Mohammad Javad Zarif has described relations with neighbors, and facilitating economic affairs, as Iran’s “top foreign policy priority.” Mr. Zarif made these remarks while answering questions from members in the Iranian Parliament. He cited his trip to Pakistan to congratulate Imran Khan after he became Prime Minister, saying he was the first foreign minister to do so.
Saudi Arabia is considering a proposal by the Houthi rebels for a ceasefire in Yemen, Reuters reported on Friday. Three other diplomatic sources and two well-informed sources told Reuters that the Kingdom was seriously considering some form of a ceasefire in an attempt to halt the escalation of the 4-year conflict in Yemen.
Germany is continuing its export of military equipment to countries involved in Yemen’s civil war. The German government has authorized the sale of weapons to the United Arab Emirates, which is involved in the Yemen war as part of the Saudi-led “Arab coalition.”
Human Rights Watch and Amnesty International have denounced a “lack of transparency” in the trial of the 11 defendants for the murder of Saudi journalist Jamal Khashoggi. “The Saudi Arabian government should make clear to the world that it would be willing to cooperate with a UN investigation, including allowing access to evidence and suspects implicated in the crime in Saudi Arabia,” said Sarah Leah Whitson, Middle East director at Human Rights Watch. “If the Saudi government seeks a UN investigation into the recent attack on its oil facilities, then it should also show that it is committed to and will cooperate with an investigation into this murder.”
Salah Khashoggi, son of the murdered Saudi journalist Jamal Khashoggi, has come out in defense of Saudi authorities, accusing “enemies of the motherland” of “exploiting” the case ahead of the first anniversary of his father’s killing. “A year has gone by since the passing of my beloved father. During this time, opponents and enemies in the East and West sought to exploit his case . . . to undermine my country and leadership,” he said in a tweet.
Saudi Crown Prince Mohammed bin Salman said he assumed “full responsibility” for the death of journalist Jamal Khashoggi, a critic of the regime, but denied ordering the murder. “This was a heinous crime but I take full responsibility as a leader in Saudi Arabia especially because it was committed by individuals working for the Saudi government,” the Crown Prince said in an interview with the US TV program 60 Minutes on Sunday.
A spokesman for the Saudi-led coalition in Yemen accused the Houthis of waging a “misleading media campaign.” The accusation was the coalition’s first response after two days of silence on the Houthis’ announcement of a major offensive near the Saudi border and the taking of prisoners.
Crown Prince Mohammad bin Salman of Saudi Arabia has said that if other countries of the world do not come together to deal with the threat of Iran, then it will affect the supply of crude oil in the world market and the prices of oil could rise unexpectedly. In an interview with the American TV program, 60 Minutes, he said that if the tension between Iran and Saudi Arabia increases, it will affect the global economy.
Saudi King Salman’s personal bodyguard, General Abdel Aziz al-Fagham, has been shot dead. He was killed by one of his friends following a “personal dispute” in Jeddah, Saudi police said on Sunday. A police spokesman informed the official SPA news agency, and added that the perpetrator was shot and killed by police.
Houthi militants claim to have captured many militants during a massive attack on the southern border of Saudi Arabia. So far, no independent sources have confirmed the news, and Saudi Arabia has been silent. Yemeni Houthis say they conducted the largest military operation against the Saudi-led coalition forces during the three days ending on Saturday, and have “liberated” hundreds of square kilometers of areas under their control.
Saudi Arabia has taken a new step in its opening to the world with the presentation of a tourist visa this Friday. The measure, which makes the relatively-closed country more accessible, constitutes one of the pillars of reform promoted by the heir and de facto ruler, Crown Prince Mohammad bin Salman. In addition to contributing to diversifying the economy, the authorities expect tourism to help improve the international reputation of the Kingdom.
French President Emmanuel Macron’s efforts to arrange a meeting between the US and Iranian leaders continued in New York on Tuesday. Hassan Rouhani described Mr. Macron’s efforts to lift US sanctions against Iran as a success, but Donald Trump said in a speech at the UN General Assembly that sanctions would not be lifted as long as Iran’s threatening behavior continues. Mr. Macron first met with Mr. Rouhani on Monday night. He said on Tuesday evening that Mr. Rouhani was accompanying British Prime Minister Boris Johnson to meet with the British Prime Minister.
In his speech to the UN General Assembly, US President Donald Trump is expected to explain his policy towards Iran. At the same time, US Secretary of State Mike Pompeo has praised Western powers’ statements on the Saudi oil facility attack and has demanded Iran’s international condemnation. Iranian Foreign Minister Mohammad Javad Zarif has rejected talks with the United States.
British Prime Minister Boris Johnson has said that the Islamic Republic of Iran is responsible for the attack on Aramco. The United Kingdom is one of the countries participating in the US-led offshore Gulf security mission. According to the Associated Press, Prime Minister Johnson made his announcement and accusation on Sunday.
Saudi authorities said they were ready to take any necessary measures in response to an attack on its oil facilities. Riyadh continues to insist that Iran is responsible for last week’s attacks. The Saudi Ministry of Foreign Affairs said it had reviewed the preliminary results of the investigation after the attack on oil facilities, in which it claims Iranian-made weapons were used in the attack.
Yemeni Houthis have offered to halt all attacks against Saudi Arabia if Saudi Arabia stops its attacks and the coalition it leads. The United Nations Special Envoy for Yemen welcomed the proposal, and described it as a first step towards ending the six-year war in Yemen. “This proposal could send a powerful message of the will to end the war,” Special Envoy for Yemen Martin Griffiths said on Saturday.
The Commander in Chief of Iran’s Revolutionary Guard Corps, Hossein Salami, warned against attacking his country, saying that any such attack would result in the destruction of the invader. The statement of Gen. Salami comes after Washington’s announcement to send troops to Saudi Arabia and the United Arab Emirates, following the attack on Saudi oil installations last week. Tehran denied the allegations of involvement in the attack.
The US has announced plans to send forces to Saudi Arabia in the wake of attacks against the country’s oil infrastructure. Historically, before a war there is a provocation. However, looking at the attack trajectory, there are a few odd details in the scenario.
Iranian Foreign Minister, Mohammad Javad Zarif, said today that it would be “all-out war” if Saudi Arabia or the United States dared to carry out a military attack on Iran. The already frosty relationship between the US and Iran has escalated in recent days, following attacks on two Saudi oil plants that Washington and Riyadh have attributed to Tehran. However, Tehran has maintained its innocence in as far as the attack is concerned, and it denies any involvement in any way whatsoever.
The Iranian Foreign Minister has wrarned that any attack on his country would be considered “all-out war,” after the US Secretary of State supported Saudi Arabia’s defense after the attack on Saudi oil facilities. Javad Zarif has said this after his US counterpart, Mike Pompeo, said that the attack on Saudi oil facilities was an act of war, that Iran’s actions were unbearable, and that the United States was following the recent attacks on Saudi Arabia’s crude oil facilities.
The Saudi monarchy experienced attacks against their oil production facilities in the last week. Tensions in the Middle East escalated following the drone attacks on the two largest oil facilities in Saudi Arabia. Yemen’s Houthi rebels claimed responsibility for the attacks.
The global economic impact will be felt, since Saudi Arabia lost more than half of their crude output via the attacks. The nation is the number one oil producer in the world, holds 5% of the global oil supply, and cut output by 5.7 million barrels per day. last year, Aramco’s net income was $111.1 billion.
Saudi Arabia’s new ambassador to the UK has warned against hurrying to respond to Saturday’s attack on oil facilities in his country. Speaking to reporters, Prince Khalid bin Bandar Saud said the attacks were a blow to the world and their economy but warned that the Middle East could not afford more conflict.
The United States says it is assessing evidence of attacks on two Saudi oil facilities and stands ready to defend its interests. US Secretary of State Mike Pompeo will travel to Saudi Arabia today to discuss the US response to attacks on Saudi oil facilities, Vice President Mike Pence said.
Tensions in the Persian Gulf have increased following Saturday’s drone strike on Saudi Arabia, the United States’ closest ally in the region. Critics of President Donald Trump say he needs to work with his western allies to ease tensions in the Middle East.
Saturday’s attack on Saudi oil facilities has disrupted Saudi refinery production. Aramco is trying to make orders for its oil deliveries. Saudi Arabia is said to have been forced to buy low-sulfur diesel. The extent of the damage to the Saudi oil facilities is still unclear. Some experts believe it could take several months to rebuild and repair the damage caused by the attack on the refinery. The question in the global energy markets is currently about Saudi Arabia’s ability to carry out oil orders and refinery products.
Oil prices rose at the beginning of this week, on the back of the attack on Saudi Aramco facilities. Brent crude futures reached $71.95 a barrel, the largest percentage gain since the start of the Gulf War in 1991. Saturday’s attacks stopped production equivalent to 5% of global oil supplies.
Donald Trump, in his first response to Saturday’s attack on Saudi oil facilities that have seriously disrupted oil production, said the United States is ready to take military action if suspicions are confirmed. Houthi Yemeni insurgents fighting the Saudi-led coalition have claimed responsibility for the attack, but the US says the attacks were the work of Iran.
Saudi Arabia cut oil and gas production following drone strikes on its two main oil facilities, which are run by state-owned company Saudi Aramco. Energy Minister Prince Abdulaziz bin Salman said the attack had reduced crude oil production by 5.7 million barrels per day— about half of royal production.
Saudi Arabia’s state-run media reports that the country’s largest oil company, Aramco, has caught fire after drone strikes in two major oil installations. Another drone strike also set fire to the Khurais oil field on the west side. However, the Saudi Press Agency says the fire has now been controlled in both installations.
Former Sudanese President Omar Hassan al-Bashir, who had been in power for nearly thirty years, appeared in court in Khartoum, the capital, on charges of corruption and killing. A Sudanese prosecutor said in June that millions of dollars of foreign currency were found in sandbags at Mr. Bashir’s home. He faces other charges. Mr. Bashir’s lawyers dismiss the charges against him as unfounded.
A meeting of Iran, representatives of Yemen’s Ansarollah and ambassadors of four European countries were held in Tehran to find solutions to the Yemen crisis in Tehran. The meeting discussed the political developments and the situation in the war-torn country.
Amnesty International has called on the Saudi authorities to release prominent preacher Salman Al-Awda immediately and unconditionally and to drop all charges against him. This came after the Saudi prosecutor called for the execution of Salman Al-Awda, 62, before his scheduled appearance on July 28.
US forces are deployed in Saudi Arabia to defend US interests in the face of “serious emerging threats,” the Pentagon said. The move comes amid growing tension with Iran over the safety of shipping lines in the Gulf. Saudi King Salman bin Abdul Aziz has agreed to “host US forces to enhance security and stability in the region,” according to the Saudi Press Agency.
- The President of Venezuela’s opposition-dominated National Assembly Juan Guaido will announce new boards of directors for state oil company PDVSA and its U.S. business, Citgo, UPI reports. U.S. Treasure Secretary Steven Mnuchin said the he’ll hold PDVSA’s proceeds from crude oil sales to the United States, adding that the company could avoid being sanctioned if it recognized Guaido as the legitimate president of Venezuela.
- Saudi Arabia is determined to restore the balance on the oil market and is cutting deeper than required in the OPEC+ deal, with February crude production likely close to 10.1 million bpd, compared to the 10.3-million-bpd ceiling in the production cut agreement.
- The Trump administration reinstated sanctions on Iran’s energy, banking and shipping industries. Washington granted temporary waivers to eight countries, including China and India, the biggest purchasers of Iran’s oil.
- The exemptions have been granted for 180 days, and will be reviewed toward the end of the period. China Waiver: 360,000 b/d. Purchases before sanctions: 658,000 b/d in Jan.-Sept. 2018
- Saudi Arabia has enough spare capacity to cover for any shortfall related to Iran, although any further unexpected outages – from, say, Venezuela, Libya or Nigeria – would test the cartel’s abilities. Saudis indicated a price level of approx. $80 per barrel is comfortable, and would target this price level.
- Venezuela’s crude production was in “free-fall” and could soon fall below 1 million barrels per day.
- The EIA expects U.S. crude oil production will average 10.9 million barrels per day (b/d) in 2018, up from 9.4 million b/d in 2017.
- Previously: American Shale Oil: Real Long Term Growth or Does History Repeat Itself with Boom then Bust?
- SAUDI ARABIA: In an interview with The Washington Post late Saturday, President Trump backed down from his assertion that Saudi Arabia’s account of the circumstances surrounding Khashoggi’s death at the country’s Turkish consulate was credible. “Obviously there’s been deception and there’s been lies.“Mexico: A growing caravan of Honduran migrants streamed through southern.
- MEXICO: heading toward the United States, after making an end-run around Mexican agents who briefly blocked them at the Guatemalan border. They received help at every turn from sympathetic Mexicans.
- GERMANY: According to a Die Welt journalist, Angela Merkel could quit her post at December’s CDU party conference – before taking on another top job in Europe. “Rumours are swirling in Brussels that Merkel could run for the European Commission next year.”
- SPAIN: One African migrant died and three others were injured when around 300 stormed the border fence separating Spanish enclave Melilla from Morocco on Sunday, the local authorities said.
- ENGLAND: 670,000 protestors filled the streets of London, demanding a fresh Brexit referendum. Prime Minister Theresa May will face unhappy members of her own party at a crisis meeting Wednesday.
- JORDAN/ISRAEL: Jordan’s King Abdullah II on Sunday said he has decided not to renew parts of his country’s landmark 1994 peace treaty that allowed Israel to lease two small areas, Baqura and Ghamr, from the Jordanians for 25 years. The leases expire next year, and the deadline for renewing them is Thursday.
- BRAZIL: Tens of thousands of people rallied Sunday in 15 states across Brazil in support of Jair Bolsonaro, the right-wing front-runner in next week’s presidential runoff election. Bolsonaro is polling ahead of the leftist Workers’ Party candidate, Fernando Haddad, in the Oct. 28 ballot.
- Turkey claims the Kingdom of Saud murdered a journalist inside the Saudi Embassy in Istanbul. The Saudi reporter, Jamal Khashoggi, was an immigrant to America with Permanent Resident status. The White House has some doubts about Turkey’s claims.
- A growing number of celebrities and organizations are severing ties with Saudi Arabia and calling on President Trump to punish them by cutting off the sale of American armaments. Mr. Trump has promised to investigate and punish the perpetrators. However, he says “I don’t want to hurt jobs.”
- Some Americans are still suspicious of Saudi Arabia due to its connections with those who carried out the 9/11 terrorist attacks. Critics also worry about Saudi money influencing American foreign policy and the consequences of American arms being used in the war in Yemen.
- Outsiders still don’t have a clear idea of the purpose and politics of Crown Prince Mohammed bin Salman’s recent consolidation of power. However, there are few good choices for partners in the Middle East and support for the Saudis comes mostly from foreign policy analysts who worry about the growing alliance between Turkey, Iran and Russia.