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consuming more and more of its precious petroleum resources, and within a decade may have to begin cutting back on its oil exports to the rest of the world
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In a recent report entitled, “Burning to Keep Cool: The Hidden Energy Crisis in Saudi Arabia,” Chatham House researchers Glada Lahn and Prof. Paul Stevens said unchecked growth in energy consumption in Saudi Arabia was a “cause for international concern.” If it continues at its present rate, this would threaten the Kingdom’s ability to stabilize world oil markets.
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Heh. Ed Husain drinks the monarchical koolaid. Hardly balanced.
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Observers say it is the worst diplomatic falling-out between the two regional powers since Saudi Arabia severed ties after Egypt signed a peace deal with Israel in 1979.
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Unlike Egypt and Tunisia, Saudi Arabia has no civil society of any significance. As a result, online calls to protest—beloved of so many “cyber-utopians”—had no place to take root.
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The protests reflected a growing sense of disappointment with King Abdullah, who has failed to implement a single political demand from previous petitions. However, in spite of their disappointment, reformers from a wide range of political ideologies—Islamists, nationalists, leftists, and liberals—are being cautious because the future could be worse. Many intellectuals and professionals are haunted by the prospect of losing their positions when Crown Prince Nayif becomes king. Abdullah has developed a quasi-liberal constituency and cultivated its interest in the state, business, and media. Reformers nonetheless loyal to Abdullah fear that Nayif’s iron fist will come down on them: functionaries of the ancien régime to be replaced.
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A McClatchy investigation earlier this month showed the extent to which financial institutions now influence the price of oil. Until recently, end users of oil — such as airlines, refineries and other consumer of fuel — accounted for about 70 percent of oil trading as they tried to hedge against price fluctuations.
Today, however, speculators who'll never take possession of a barrel of oil account for that 70 percent of oil futures trading, and the volume of speculative trading has grown fivefold.
That's why the Air Transport Association, in a filing March 28 to the CFTC, called for aggressive curbs on speculators. The association complained of rapidly climbing jet fuel prices, which have outpaced the rapid climb in crude prices and have reached their highest point since September 2008, right before the near-collapse of the U.S. economy.
"At the same time, according to data recently released by the commission, speculators have increased their positions in energy markets by 64 percent compared to June 2008, bringing speculation to the highest level on record," wrote David Berg, the airline group's chief lawyer.
Essential reading
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a heightened politicisation on all levels
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the interplay between domestic politics and regional geopolitics certainly promises more turbulence
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Syria is the least trusting of Turkey among the 16 countries where the survey was conducted, with 44 percent saying they had a positive sentiment toward Turkey, while only 30 percent said they were pleased with Turkey's reaction to regional development in the past year. Only 31 percent said Turkey could be a model for Syria to look to, but 58 percent said they believed Turkey had important contributions to make to peace in the Middle East.
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5 percent of Syrian respondents said they supported violent protest methods, compared to 95 percent in Libya
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It is often assumed the divisions in Saudi Arabia are religious or political, he says, but they are really between young and old. “After the Arab spring I think the older generation in Saudi has realised this. Now they want to hear the younger generation.”
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