Posts Tagged ‘oil’

Saudi ArabiaThat’s what Dennis Fetcho, host of Inside the Eye Live!, did on September 8, 2013, with his first broadcast from Riyadh, Saudi Arabia, after hosting his show from Amman, Jordan, for several years.

Seven minutes into the show, he said what we already knew, but is good to hear direct confirmation of, that there is an unwritten rule, and a “chill” in the American ex-pat community of talking politics and religion while living in Saudi Arabia.

Despite that, he went on to talk about much of the politics in the region, and about some of his observations while living there.

Listen in to get a first-hand perspective of living and working in the capital of one of the world’s most tightly-controlled societies.

For more on Saudi Arabia, see my articles:

1) Rachael Rudolph says she feels at home in Saudi Arabia, just like in the United States.

2) Shariah-compliant Saudi Arabia and UAE are no strangers to international banking hegemony.

3) Russia surpassed Saudi Arabia as the world’s largest oil producer in 2009

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In October 2010, Pastor Lindsey Williams shared his insider prediction that the price of crude oil would be headed to between $150 and $200 USD a barrel within four to six months.

Six months later, at 6 PM Eastern Standard Time on May 2, 2011, West Texas Intermediate Crude is trading at $113.52 USD a barrel, and Brent Crude at $125.12 a barrel, so that prediction didn’t come true, unlike his prediction that there would be a major event in the Middle East, of which there were plenty, with the likes of the uprisings in Tunisia, Egypt, Yemen, Bahrain and Syria.

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Bloomberg reported this on January 2, 2010, however, as of June, the CIA hadn’t updated their production figures showing Russia at the top as they now have.

From their top 10 list, only three are OPEC nations: Saudi Arabia, Iran and Iraq.

Russia 9,920,000 barrels/day (2009 est.)
Saudi Arabia 8,146,000 barrels/day (2008 est.)

Saudi Arabia is reported to have 264.1 billion barrels of “proved” oil reserves, as of the January 1, 2009 estimate, with Russia having 79 billion barrels, or less than a third of Saudi Arabia’s.

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Here are some of the big economic milestones of 2008:

– Gold broke through the $1000 USD an ounce barrier for the first time ever on March 13, 2008. http://news.bbc.co.uk/2/hi/business/7294040.stm
– Oil reached an all-time high of $147 USD a barrel on July 11, 2008. http://www.usatoday.com/money/industries/energy/2008-07-11-oil-friday_N.htm
– One of the big five U.S. investment banks, Lehman Brothers, survived the Great Depression, but filed for Chapter 11 bankruptcy protection on September 15, 2008. http://www.nytimes.com/2008/09/15/business/15lehman.html?hp
– The U.S. budget deficit reached an all-time high of $455 billion for fiscal year 2008 as reported by the Congressional Budget Office. http://www.cbo.gov/ftpdocs/99xx/doc9912/11-2008-MBR.pdf
– Toyota surpassed General Motors to become the world’s largest automaker in vehicles sold after GM held that position for 77 years. http://www.washingtonpost.com/wp-dyn/content/article/2009/01/21/AR2009012101216.html
– Toyota reported its first publicly declared operating loss ever in 71 years of business. http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a13h4Myn37QA

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