With the price of oil hitting a year-long all-time high, averaging over $111 barrel for Brent crude, OPEC's benchmark, the OPEC oil cartel led by Saudi Arabia will glom more than a $1,000,000,000,000 (trillion) in net oil revenue, an all-time high. This, in spite of weak economic growth worldwide.
Back in January 2012, with barely a touch of irony nor shame, the Saudi Oil Minister, Ali al-Naimi, pontificated "If we are able as producers and consumers to average $100 I think the world economy would be in better shape." This from the very same oracle who instructed us some two years before that "You must understand that the purpose of the $75 price is a much more noble cause" (please see " 'Noble' OPEC Criticizes the International Energy Agency"
In: World News
Tags: The New York Times, Saudi Arabia, Congress, Obama Administration, Gas & Oil, Abu Dhabi Media Company, Financial TImes, London Times, NOPEC Legislation, Persian Gulf States, Saudi Aramco, Saudi Oil Minister Ali Al-Naimi, Strait Of Hormuz, Bal
Location: Giza, Egypt (load item map)
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