Did shit just hit the fan? Those keeping up with the Middle East protests and oil prices are well aware of the powder keg that is Saudi Arabia.
Yahoo News reports:
CAIRO – Saudi police opened fire Thursday to disperse a protest in the mainly Shiite east, leaving at least one man injured, as the government struggled to prevent a wave of unrest sweeping the Arab world from reaching the kingdom.
For full article, see Yahoo News.
“Oil will go up ‘ballistically’ if unrest shifts to Saudi Arabia, says Marc Faber”. Business Intelligence Middle East reports:
Brent crude futures could hit US$200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday.
Under what the bank called Geopolitical Scenario 3, “unrest spreads to Saudi Arabia and threatens Saudi crude exports and any remaining spare capacity. Brent price range of US$150-US$200 a barrel,” it said in a research note.
“In this most extreme, worst-case scenario for the oil markets, serious unrest spreads to Saudi Arabia. In this case, it does not really matter if Libya or any other producers are shut down or not. Saudi Arabia is OPEC’s biggest producer and the world’s biggest current holder of spare capacity,” the bank added.
Saudi Arabia is the world’s top exporter of crude oil, meeting about 10% of the global oil demand…
See original article for more information