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Ellen Ward, ph.D., author of Saudi Inc., explains why oil is seeing a bounce today. Positive hope around tariffs is giving it a boost, she argues, after a number of factors have been depressing the price lately. She also talks about what could happen if growth slows or a recession hits. She thinks crude will continue to trade in the high $50s to low $60s.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about
On this episode of the Energy Security Cubed Podcast, Kelly Ogle and Joe Calnan interview Ellen Wald about the role played by Saudi Arabia amid the conflict between the United States, Israel, Iran, and the Houthis. For the intro session, Kelly and Joe Calnan talk about the real world impacts of the Red Sea violence on oil prices and the Biden Administration's decision to pause approvals for LNG export facilities. Guest Bio: - Ellen Wald is a CGAI Fellow and the author of Saudi Inc., a history of Saudi Aramco: https://www.amazon.ca/Saudi-Inc-Arabian-Kingdoms-Pursuit/dp/168177660X Host Bio: - Kelly Ogle is Managing Director of the Canadian Global Affairs Institute - Joe Calnan is a Fellow and Energy Security Forum Manager at the Canadian Global Affairs Institute Reading recommendations: - "Steam Train, Dream Train", by Sherri Duskey Rinker and Tom Lichtenheld: https://www.amazon.ca/Steam-Train-Sherri-Duskey-Rinker/dp/1452109206 - "You Have a Friend in 10A", by Maggie Shipstead: https://www.amazon.ca/You-Have-Friend-10A-Stories/dp/0525656995 - "Wind Power Economics: Rhetoric & Reality", by Gordon Hughes: https://ref.org.uk/Files/performance-wind-power-dk.pdf Interview recording Date: January 30, 2023 Energy Security Cubed is part of the CGAI Podcast Network. Follow the Canadian Global Affairs Institute on Facebook, Twitter (@CAGlobalAffairs), or on LinkedIn. Head over to our website at www.cgai.ca for more commentary. Produced by Joe Calnan. Music credits to Drew Phillips.
Julian Emanuel, Evercore ISI Chief Equity & Quantitative Strategist, expects consolidation in the streaming industry in the coming years. Greg Valliere, AGF Investments Chief US Policy Strategist, discusses the third Republican primary debate. Cameron Dawson, Newedge Wealth Chief Investment Officer, says it's too early to know if the uplift in unemployment will barrel higher into next year. Geetha Ranganathan, Bloomberg Intelligence US Media Analyst, breaks down Disney's better-than-expected 4Q earnings. Ellen Wald, Atlantic Council Senior Fellow, discusses the global oil market as crude prices remain low.Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance Full transcript: I'm Tom Keene, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on app, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business App. Jitting a manuel jointed to surround a table Chief Equity just over at evercor SI jitting Good mornings here, Good morning. Have you been participating in this wonderful, beautiful thing that is an eight day winning streak. Yeah, we have, you know, several weeks ago we just felt that when you backed off of that five percent yield, And I know we've been talking about it, but it is the fact that in this world now for the last year and a half, where stocks and bonds have been positive correlated, if bond yields go down, stocks go up, and backing off of five percent was huge for the psychology. And now we've got this unexpected oil price plunge, which is even bigger for Cheryl, I'm with you. Those two points yesterday stood out for me. Break a four to fifty on a ten year break of eighty on Brent crude. At what point do these correlations start to break the other way? What brings up hot that change? Well, we are watching that very closely. And guess what, the high frequency data is really important because that chart you were talking about a few moments ago, with the unemployment rate rising from three to four to three nine in the past, when that starts to happen, it tends to snowball. But where we're going to get the initial read on that is that eight thirty jobless claims number starts edging over two hundred and fifty thousand, we get a little bit cautious. Three hundred thousand is where we know the economy is going to turn down. I'm supposed to fold in now A question on Ed Hyman's Hicksy and Islm theory and his disinflation theory into your stock babble, forget about it. I love the single sentence you have which pushes against all that malarkey by saying price is paramount. Right now, when you talk to Ed Hyman, how does a respond to you telling them your economics doesn't matter, price is paramount. I'll tell you how five weeks ago Ed Heyman started putting out in almost daily the act that gasoline lean prices started falling as the conflict was erupting. You already had the turn in gasoline prices completely, you know, devoid of real sort of prosperity with Hymen's disinflationary tendency or outright deflation in China. Look, if you look at the last fifteen years, you've had episodic times of that from again. Obviously the financial crisis is one of those times. But ultimately what it comes back to again for equity investors, for bond investors. First of all, the whole idea of getting a real return on money in this world now is actually a positive for financial assets. It's a positive for capital allocation, and long term, it's a positive for growth. And that's you know, that's part of the equity investing mindset. Do you need a long term view right now or do you just trade the short term. It's really difficult to have a long term view because of what we're talking about the inflection in the economy potentially happening. But if you take the super long term view, is that even if you get the recession that Ed's thinking we're going to get, that it's going to be mild in twenty twenty four. What you're left with is a labor market that has rebalanced. What you're left with is again a real cost of money, better capital allocation, and frankly, we've talked about this before, you have new technological developments like generative AI that is going to improve the productivity of corporate America over the long term. One of the main frustrations of this year was that pretty much everything everyone said at the beginning of the year has proven to be wrong, including that this would be the year that tech stocks would fade more meaningfully and you start to see a broadening out in the rally. Energy stocks would start to be the true leaders. You just actually moved away from an overweight and energy and are talking more about generative AI. It seems like the theme just keeps on being that the leaders will keep leading. Everything else will just have to figure out where they fit in. Well, look, again, the recession will probably, you know, to the extent that it does arrive in the next twelve months or so, rationalize some of this, but ultimately what it's going to do, and look, part of the consternation on equity investors' minds is the fact that the Russell two thousand is making new lows. Ultimately, you're going to get to a point where there will be an attractive price for the other four hundred and ninety three stocks away from the Magnificent seven, and you will get to an earnings reset. We think that's part of next year's narrative. This is the difficult question I think people have got to confront at the moment. Do I want to buy the recovery to the recession I've not had yet, given the damage we've seen in the small camps. You can pick up various places to back up the consumer discretionary story. Allines, for instance, which have come way off the peak back of the summer. Do I want to start picking up the pieces going into what could be a slow down next year. We think you need to be balanced. It's one of those things where again, given the lack of visibility into next year, what we always say, we've had a very nice run in recent weeks, and if you go back over the last year, it's been a very nice run off the October lows. You need to be comfortable with the fact that if the market comes in ten or fifteen percent, which it does in any typical year, as it did several weeks ago, that you're a buyer of the dips and whatever that asset allocation is to you. That's the kind of discipline you need to employ. Goldman speak to this as well. We've gone through their note this morning a few times. It's worth doing it again. The hard part's over. More disinflation is in store over the next year. On growth, they see limited risk of a recession, and they say this on central bank policy. Then this is a really really interesting point. An increased willingness of central banks to deliver insurance cuts it grows slows. Earlier this week, Ben later on this program of E Toro, was saying the FED put was back. Lisa and I looked at each other and almost spat out our water. The FED put is back insures cuts of growth slows. Is the old fetch story returning? No? Why are they wrong? No? Look, because there is an assumption that there is a reflex reaction to a minus GDP quarter. Thankfully we didn't see it in twenty twenty two when we had that, because if you had interrupted the rate hiking program, you wouldn't have gotten to where you are. And you can argue both sides of this case, but frankly, for US, there is a commitment, given the fact that core PCE is still solidly with a three handle, that you just can't go down that road unless it really looks like there's a severe economic downturn. And we still think there's enough savings left over so that won't be the case. Judy and awesome as a was Emmanuel have et a court joining us now to brief off the GOP debate. Last night, Gregory Vliate, US policy strategist at AGF Investments. Gregory stood on the floor of the GOP convention of two thousand and four, and it was a different Republican Party. George Bush Junior wanted a more hopeful America. What's going to be that slogan this summer for the Republicans? Well, I think they'll emphasize the economy. They'll state that Biden has not done a good job. Frankly I would disagree, but I think that they'll make it more about the economy than anything else. The really intriguing issues are abortion number one, number two. How much more involved are we going to get in Ukraine and Israel? What about the idea that they're losing elections, not doing as well in certain elections. It going to be the mix of that we just saw it can be from a year ago, November, etc. How do they start winning again? Well, I don't think you talk like Ramaswami. I think he talked himself off the boat last night. I don't see much of a future for him. Probably not much of a future for Tim Scott. So it's dwindling. You've really only got three challengers. DeSantis, who was okay last night but made a strategic error he didn't mention the governor of Iowa had endorsed him. I can't believe he didn't talk about that. And then you've got Nicky Haley. He'll stick around for a while, maybe Chris Christy, but we'll begin at twenty twenty four. I think with just two challengers to Trump, that would be DeSantis and Haley. Do you think either of them have a chance of taking Trump off the ticket? Who would either of them? Oh? No, not at all. I mean Trump would have to do something really egregious, and he's pretty much filled the role on that for the last couple of years. So no, I don't see anything, you know, barring a health issue, that will keep Trump from being the nominee. Meanwhile, President Biden is going to meet with the UAW leader today and the there's a real question of what he can do to shore up the image of bignomics, of what's happened in the economy, which some people are saying on paper doesn't look so bad, yet in practice, has a lot of people feeling like they want something different. Well, it's a good question, Liza. I'm told that within the White House, Trump Biden is angry, he feels he's done a pretty good job in the economy and gets no credit. So he's going to hit the road and try to make his case. The problem is an awful lot of Americans fear that we're not out of the woods, and there's still more inflation threats, food, gasoline still to come. Greg Valier one oh one. Folks, this is a great course to take in politics. You get it off the back of a matchbook. You can take Valier one oh one. Greg, Your value one oh one is fiscal issues at the day of the election don't matter. Are you telling me the debt and the deficit don't matter the first Tuesday of November, Well, when you look at net inter cost, you look at borrowing costs, this is becoming a major crisis for the bond market, and there's no mood in Congress whatsoever to dramatically cut the deficit. However, I think that once we get through Labor Day of this coming year, this stuff will be irrelevant. I think attitudes harden during the summer. If Trump is well ahead, he could pull us out. But I have a feeling that Biden will come back. I have a feeling that the Democrats all of a sudden are motivated because of what happened in Kentucky. Is a path of least resistance for the former president. Another tax cut that's going to be on the agenda. You're absolutely right, Tom, and I think with the Senate probably flipping, in the House probably flipping, you're going to have a climate that will be ripe for a huge argument on whether we extend the Trump tax cuts. I think we will. I think Trump will talk about tax cutting even though the deficit is enormous. Greg, I have to wonder whether this time is different. A lot of people come on the show. We'll say dysfunction in Washington, DC is the reason why yields have been flipping and flopping and going all over the place, and then they talk about a potential government shutdown and say markets won't care. Have we reached the point where market dysfunction is going to result from political dysfunction in DC in a more material way. Well, we're going to see probably another alleged crisis on November seventeenth if there's no budget. I don't think the markets will be all that concerned about it. I do worry about the credit agencies, you know, fitch S and p downgrading US debt, not just because of the size of our debt, but because things are so dysfunctional in getting a budget. Great to catch up, Greg, appreciate your input. Greg Vally. THEFJEFF investment's gone into next year, as Ed Marangi and Emmanuel. So are you a confirmed bull? Cameron? I think that given the setup into your end, we can expect some kind of Santa claus rally just because of tax loss dynamics into the end of the year. The largest weights in the index are up the most this year, which means that you don't have eager sellers to recognize tax games. This is very different than last year, where the largest weights in the index were down a lot people sold them and you effectively puked into the end of the year. What it's the proverbial puke into the end of the year? Okay, thank you? Can we say that on radio? We just did, Cameron seriously our Warner Brothers discovery yesterday. Puke as you call it. Okay, how does that handle by tax saw selling? Well? I think that it will magnify as we go into the end of the year. You look at the areas that are down the most. This is small caps, This is cyclicals, This is healthcare some of your defensives. These are the areas where people are looking for tax sace harvesting opportunities. The key point though, is that they're smaller weights in the index or they're not part of the index. So when we just look at the S and P five hundred, that could be something that supports it into end year. So help me here. Am I buying the index the S and P five hundred? And am I looking for buying opportunities in small camps? The financials, things that have struggled? What am I doing? I think that you have to look for opportunities and things that have struggled as you go into twenty twenty four, because we know that pain trades usually are reversal trades in leadership and just at the point where everybody throws in the towel and says, well, you can't own anything but the magnificent seven. These are the names that give you optionality on AI and they have the best earnings growth. Everybody crowds into them, that's typically the moment that that's when they start to lag. And so I think we have to have the imagination that other things could do well in twenty twenty four. Other than just the narrow leadership that we've had this year, the Tilson Slock of Apollo's writing questions for us this morning. This is the question he's asking in its most recent note. Everyone who's bullish on equities and lower rated credit should ask them sound where they think the labor market will be in three months. With the Fed on hold and not showing any signs of cutting anytime soon, what's your labor market bed With that in mind, we are having the ultimate debate is if we're seeing normalization or we're seeing weakening. And the challenge is that normalization is usually the gateway drug two weakening, meaning that you see a little easing that turns into a lot of easing. But we're not yet seeing definitive data yet to say that the uplift we've had in unemployment is going to barrel higher. The key thing to remember, though, the Fed itself in its SEP the Summary Economic Projections has unemployment going to four point one percent next year and they're not forecasting a recession. So that's going to be a key question of if we get that four point one percent, does that justify them easing policy? Is it okay to sort of say we don't care for now. Down the line, whatever happens will happen. In the meantime, we can dance in the head of a pin with oil prices coming off, yield coming lower, and risk appetite still available. Yeah, because if we think going into CPI next week, remember that gasoline prices are down ten percent over the month of October. That's very different over the summer months where gas prices were up a lot. It pinched consumer spending maybe a little bit at the margin. So that does create this beneficial environment. But I think it's important to remember twenty twenty two, we priced in the earnings recession. In twenty twenty three, twenty three, we priced in the earnings recovery in twenty four. What are we going to price in twenty twenty four as we looked at twenty twenty five, are we still confident that this entire economic setup can remain very strong, that unemployment won't be an issue, consumer spending can remain robust Given the lack of certainty around some of the outcomes, the potential outcomes with the economy, How nimble are you remaining How are you remaining nimble? To be able to adjust quickly. I think we have to remain completely nimble. We saw that over thet last couple of weeks where we went from deeply oversold to deeply over to getting close to being overbought. It means that technicals become really important. We can't get too lodged into narratives because narratives would have told you everything's ending back a couple of weeks ago. Be scared. Now the narratives are saying everything is fantastic. The thing is that we are at resistance when we look at technical levels forty four hundred very important for the s and P five hundred four and a half percent very important support for the tenure. How we interact with those resistance and support levels will be very indicative of the next couple of months. Speak to the people who listened to you and said, Okay, I'm really nervous, but I'm going to participate in this market and they own tech which literally on an hourly basis, has a bid right now. What's the character of that bid on the Magnificent seven. Well, it's extraordinarily strong. But then think about the difference in the setup going into twenty twenty two Magnificent seven earnings had been cut by about twenty percent over the course of the year. Now going into twenty twenty three, over the course of twenty three, Magnificent seven earnings had been revised higher by sixty seventy percent sent on average because of the better growth that they've had. So it's a much higher bar and I think that's where the discipline is is not trying to extrapolate too much of the experience of twenty three, get too crowded, and instead look for opportunities and areas that might be more left behind. You've been talking, Cameron about how difficult it is to follow the mood because it swings so massively from week to week. How much has the move that we've seen in yields underpinned your conviction that you can lean into the rally heading into your end. It certainly has helped. We've seen it play out in the valuation and now valuations are back to about eighteen and a half time's earnings. The question is is that the right valuation even given where yields are at four and a half percent, where that equity risk premium is The challenge with valuations though, is they are terrible timing tools and that they have no predictive power on a one year forward basis. So we can look at the market and say, hey, it's expensive here, expensive there, but that may not actually show up in price action for two, three, four years. And that's where that discipline of not chasing very high valuations comes in. When you have a longer holding period, you go breaking news TK on donuts? Is that where you want to go? DONI plural don't I? Yeah? Yeah, longer going far away the way a prime broker attracted a hedge fund. We can get you shares of krispy Kreme short. There's a in the East Coast, particularly in the krispy Kreme's more southern thing, and they're a different don I than what you get from Dunkin Donuts, which is, you know, there's cultures here. John, It's like it's like Greg's, but it's like American. Okay, all of a sudden, krispy Kreme nice video on radio. You are missing the making of the Magnificent. And the answer here is krispy Kreme is looking for a partnership with McDonald's. John Tower out with this and it's a mixed story of Ibada out there. But John Tower, a city group says first bite on d n ut. It's a McDonald's partnership that we may see. Do you know what you don't know? And I know this story already because Bramo shared it with me before Bramo breaking into the news industry and Fargo years and years ago for the first Crispy Kreme shop tre Tree story, true story. I covered it and people lined up. They camped out overnight to get the first Krispy krama. I went to interview that. You can't imagine that Bramo was what Bradma was like in local news, right, just get into a fluff. It was like, it's an investive piece. What are they doing with that? Money? Is unreal? Bramo and Farco, Yeah, I'm enough of a dunkin donut, which Krispy Kreme is just two sugary and sweet. Like camera doesn't help us out here, Krispy Kreamer duncan, he's never had a donut. There is nothing better than a hot, fresh Krispy Kreme donut straight from the friar. Nothing better, all right? The scripting at me in the control room shot there. Please let's make sure we're running at nine o'clock today. Look for Cameron Dawson had Krispy Creekdnie. What you need to know is it's April of twenty eleven. There was a show then Game of Thrones Winter Is Coming was the first episode. And that's where we are right now. With the screaming success in days of Blue Eye Samurai on Netflix. I'm watching it. I can't say enough about the shocking beauty of it. It is overwhelming, how it is game changing for streaming. Keitha Raganathan knows this. She's US media analyst at Bloomberg Intelligence. And I would suggest Disney knows this as well. Githa boyd A's Disney need a Blue Eye Samurai. They certainly do. And that's one thing Tom that Bob Iger really emphasized yesterday. He said he is looking to reinvent the studio. Those are the words he used, and he really emphasized quality over quantity. So you spoke about how spectacular Blue Eyed summariz that's exactly what Disney is going to go after. You know, they talked about, you know, the studio having some kind of franchise fatigue. Too many TV series created for the streaming service. They're really kind of streaming down or cutting down, I would say, pairing down on a lot of the content costs. You know, Lisa was talking about where those savings are going to come from, a lot of that is them just really cutting down on content costs. So they took down content costs from thirty billion to twenty seven billion. For fiscal twenty twenty three, they're taking that down further to twenty five billion, and that is where you get that big, big free cash flow number for them as well. Eight billion dollars is what they're projecting for twenty twenty four, or sixty percent increase from this year. Now I get it, it's anime, it's animation, but the basic idea is blue Eyed Samurai is is non diversity as we could get in twenty twenty three. Is Disney moving on from the tone and temperament of the last three or four years. Is Eiger going back to something or new to something different? I think it's a it's a combination of everything, a tom because you know, he needs to go back to the drawing board. He knows that there hasn't really been a new Star Wars or a lucasfilm movie since twenty nineteen. Obviously, the Marvels is in its next kind of iteration, if you will. So there's a lot of things that he needs to do. But the biggest thing I think for them for the Disney studio, and this has kind of been a little bit shocking. And you bring up animation, and that's a really good point because a lot of their recent animated movies have actually not performed as well as you know, some of us would have expected. And the Pixar has kind of been, you know, has had kind of this string of misfires, if you will. And the studio that is really kind of giving them a run for the money is Universal with Illumination. We had, you know, you have Super Mario, you had Minions, all of these animated movies from Universal doing really really well. So Disney obviously going back to the drawing board and kind of doing a lot of rethinking and as Bob Iger said, reinventing the whole franchise. If Bob Biker was the movie is this nightmare the same quote, that's that's a great knocking well. I mean, he tried his best. And if there is you know, any person for the job, any person who can actually fix and rebuild Disney. I think it definitely is Bob Biger and he, you know, kind of delivered signature Bob Biger kind of news yesterday. You know, lots of good news, lots of nuggets of you know, lots of nuggets of good good, you know, optimistic news for investors to kind of hang on to. Obviously, there is a lot of work that remains to be done, but we do know that there are some real growth drivers for Disney. Whether it's the parks business that is seventy percent of Disney's operating income, you know, throwing out about ten billion dollars in operating profits and cash flow. So that definitely is is a huge growth pillar for the company. And then of course it is streaming and how they're kind of going to manage that whole business. You know, we know that they're in the process of consolidating Hulu. You know, the big question is how they're going to manage the esp and transition. And you know, whether that then that Disney bundle, the streaming bundle, really becomes the competitor, a true competitor to Netflix. Is rebuilding a euphemism for shutting it down in terms of streamlining certain businesses and getting off selling the rest of it. Yeah, so he seemed to actually walk back a little bit of you know, the linear TV commentary. I know we've talked a lot about ABC and some of the other networks kind of being up for sale, but he also did say that there is a huge cost opportunity when it comes to you know, those linear networks, and so they've actually, you know, the Charter deal that they recently inked was was kind of a catalyst for them kind of you know, shutting down a lot of you know, the smaller networks networks that they are that they don't consider core, and I think that's what they're going to do. They are definitely going to streamline the business. You're absolutely right, Lisa. I'm not sure when or how the sale is necessarily going to happen, but he did Eigers seem to suggest that even if a sale doesn't happen right away, there are a lot of synergies and there are a lot of cost efficiencies that they can hopefully extract over the next few months. Okay, so this one's a tough one to answer, but explore the question with us if you can. Tom mentioned who's buying. If they're selling, who's buying Where did the buyers come from? So it could be private equity. I mean we know that there have there has been interest from certain parties Byron Island, but Byron Allen was one who kind of made a bid for for you know, the ABC and some of the networks. You know, again, private equity would always is interested in, you know, the TV assets because they do. Yes, it is an industry that is in secular decline, but at the end of the day, it does throughout a lot of cash and that is valuable. So yeah, again it's a little bit of a wait and watch. I mean there have been there has been some chatter about whether the leagues would be interested in kind of going and getting a broadcast asset. I mean broadcast assets like ABC don't come up for sale very often, so you know, maybe it is something that that the league and a leak can potentially consider for reach interesting. Gaitha, appreciate the update. You'll valuable. We appreciate your time. Geithor Reconnaz and the have Bloomberg Intelligence. Ellen Wall joining us now Senior Fellow at the Atlantic Council and author of Saudi Inc. Ellen to that point, Saudi's energy minister came out and said, it has nothing to do with demand, This is just price manipulation. Demand is still very strong. What did you make of that? Well, I think that he always has a bone to pick with the as he called him, the speculators, So I'm not surprised to see him talking about how, you know, this is all a financial thing and it's all due to speculators and it's not a you know, supply demand issue. But I think, you know, obviously there's always you know, speculation in the market, and we did see a whole lot of fund managers dumping oil off the futures this past week, so I'm sure he's focused on that. But the fact remains that the market is reacting to what it thinks is lower demand from China, and whether or not that's actually true, I think remains to be seen. It's always difficult to gauge what exactly is going on in China. What the market's reacting to was news that refining margins are soft, and you know, Chinese refineries aren't making as much, and so you know they're interpreting that as weak demand. Now, how does that translate into whether China reduces its imports, and there was some indication that they are going to be reducing oil imports. In fact, one of the interesting things that we've seen is that Iranian oil exports in September and October have been lower than they were in August. They hit a big high in August, but now we're seeing declines and there's some speculation that may be due to the sanctions enforcement, but it's much more likely due to declining demand from China. And we've got Saudi y A holding a million barrels a day off the market. I do think Saudi Arabia is in the best position to be able to gauge Chinese demand, and it may be that this Chinese demand is looking a bit soft now. But you know, Abdozi's been someone is looking at the longer picture and the longer game, and he sees that that is strong well. And with great respect to your book, which is definitive, we can take these tensions at least back to the Saudi Yemeni War of nineteen thirty four. The Ibn Saud family has dealt with this for pushing one hundred years the distance to the south. Give us the modern treatment of how Riodd and Jiada look at Yemen today. Yemen is basically a thorn in their side right now. They don't like the Houthies, any group like the Houthies has Bulah Hamas. All of those groups, while well, you might think that ideologically there are similarities and matchups there, they are essentially a threat to the Saudi monarchy. The Saudi monarchy is like, you know, they're they're like the stated old you know, conservative guy who always votes the same way and always says the same thing for breakfast. You know, they're they're the status quo. And any group that's looking to change the status quo, even if there are similarities in terms of say religious extremism or religious ideology, that's seen as a threat. And what's a bit disturbing is that despite prolonged military campaigns by the Saudis and the UAE, they haven't been able to dislodge the Whoi's from Yemen. In fact, if anything, they're more entrenched. And so I do think that given the fact that the who these are at least claiming to be involved in the Israel Hamas conflict, you'll be interesting to see if the Saudis maybe use this as an excuse to really try to get them out of Yemen once and for all, or if they'll be a bit embarrassed by somebody else taking them out. And then the conservative guy, as you call Saudi Arabia their treatment of the shades of Palestine, how do you interpret that, doctor Wald? Now that that is a big question, because what we've got on one hand is King Salmon, who is nominally the king of Saudi Arabia, and he is vehemently I mean vehemently anti Israel pro Palestinian. I mean, this is a guy who thinks that, you know, the Mossad was responsible for nine to eleven and has said so, you know, in public on television. So he is a huge barrier to any kind of reprochement between Saudi Arabia and Israel. That being said, his son, who's really doing most of the ruling, the day to day ruling, seems much more inclined to use rapprochemant with Israel as a way to get what he wants or what he thinks he needs from the United States. And in fact, it seemed like that was about to be a very successful deal before this latest conflict derailed all that, and I don't think that the general battle, you know, the general lines that are drawn here are going to change. But I do think, you know, if if King Solomon wasn't wasn't there, I think we'd see a much faster progression towards Saudi Israeli normalization. I don't think we're going to see quite with the UAE or Jordan has But I do think that that he that that NBS sees it as a beneficial thing or at least a really good UH tool to get other things that he needs, like support for obtaining nuclear power and military pact with the United States. Just real quick here, how does Saudi Arabia view the production in the US. It's gotten to a record level and made all of these concerns about demand. I think that they they have kind of come to terms with the fact that the US is going to produce, with the US is going to produce, and there really isn't much they can do about it. I think they were probably pretty pleased to see that there's more consolidation in the oil industry. I think that they see that as good for production and for companies who are looking at the signs of supply and demand and aren't just pumping, pumping, pumping just to stay ahead the way that we saw in twenty fifteen, twenty sixteen, and so I think that they see this as you know, this is where it is right now, and it's not always necessarily going to be this high. Ell in a wonderful brief, particularly those comments on Yemen. Thank you so much, Ellen Wald. Atlanta Council can't say enough about Saudi inc. It is absolutely definitive. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern Bloomberg dot Com, the iHeartRadio app tune In, and the Blue Bomberg Business app. You can watch us live on Bloomberg Television and always. I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keen, and this is BloombergSee omnystudio.com/listener for privacy information.
Ron Dermer, Israel Minister of Strategic Affairs, says Israel has a clear goal to cripple the capabilities of Hamas. Ellen Wald, Atlantic Council Senior Fellow & Author of "Saudi Inc.", discusses oil surging after Hamas' attack on Israel. Steve Chiavarone, Federated Hermes Head of Multi-Asset Solutions, says if you start to see any terrorist activity in non-Middle Eastern countries, that is something that could shake confidence in the world. Norman Roule, Center for Strategic & International Studies Senior Adviser for the Transnational Threats Project, says Iran was unlikely to have played a "robust, active role in planning attacks" on Israel but they do enable proxiesGet the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.
Christian Horner, Red Bull Racing F1 Team Principal, discusses Formula One's growth in the US and Red Bull's win at the opening race in Bahrain. Jim Bianco, Bianco Research President, says the China reopening trade may be "overdone." David Lebovitz, JPMorgan Asset Management Global Market Strategist, says any possible US downturn won't be as severe as the recession of 2008. Ellen Wald, Atlantic Council Senior Fellow and "Saudi Inc." Author, says we're headed towards a period of tightness in the oil market.See omnystudio.com/listener for privacy information.
This episode's guest is Ellen R. Wald PHD, a professor in middle east history and President of Transversal Consulting. Ellen study history and focused on Saudi Arabia, its rich history in oil & gas development and the role the Kingdom plays in global geopolitics.Ellen's book "Saudi Inc." is a deep dive into Saudi Arabia's role in the world oil markets and the history of Aramco. This episode we discuss Biden's recent trip to visit the Saudis. We talk about the Russia Ukraine conflict, the impact it has had on oil markets, and the unintended consequences of Western Sanctions on Russia. Lastly, we discuss the cultural shifts in the public's view of oil & gas with the backdrop of climate alarmism. Hope you enjoy the show! Ellen's Book: https://www.amazon.com/dp/168177660X/ref=cm_sw_r_tw_dp_74GSJXD9VF80ZR670KBR?_encoding=UTF8&psc=1Ellen's Twitter: https://twitter.com/EnergzdEconomy Talk.Energy Podcast: https://talk.energy/ Twitter: https://twitter.com/max_gagliardi Twitter: https://twitter.com/talkenergypod LinkedIn: https://www.linkedin.com/company/talkenergy YouTube: https://www.youtube.com/c/TalkEnergyPodcast Blockware Solutions' Twitter: https://twitter.com/BlockwareTeam Are you looking to mine Bitcoin? Mining is the best way to dollar cost average into Bitcoin at a discount. Blockware Solutions offers new and used mining rigs from leading manufacturers with an optional turnkey hosting package. With Bitcoin mining experience dating back to 2013, Blockware Solutions has sold over 250,000 ASICs, hosted 200+ MW of clients, and mined thousands of BTC from the Blockware Mining Pool.
Canary Cry News Talk #508 - 07.13.2022 LASER FLEXING Russian Laser Weapon, Burning Bill Gates, Post-Nuke Sim TAKE THE SURVEY HERE: https://bit.ly/39VCG4D LINKTREE: CanaryCry.Party SHOW NOTES: CanaryCryNewsTalk.com CLIP CHANNEL: CanaryCry.Tube SUPPLY DROP: CanaryCrySupplyDrop.com SUPPORT: CanaryCryRadio.com/Support MEET UPS: CanaryCryMeetUps.com Basil's other podcast: ravel Gonz' New Youtube: Facelikethesun Resurrection Gonz' Video Archive: Facelikethesun.Live App Made by Canary Cry Producer: Truther Dating App Podcast T-2:29 LEAD RUSSIA/LASERS 5:30 V / 3:01 P Russia building new laser weapon to disable foreign satellites - report (J Post) Meanwhile in Ukraine: Ukraine to consider legalizing same-sex marriage amid war (BBC) Meanwhile in US: First Laser Weapon For A Fighter Delivered To The Air Force (Drive/MSN) Meanwhile in the UK: 'Life-like' lasers can self-organize, adapt their structure, and cooperate BILL GATES 29:43 V / 27:14 P Bill Gates-funded ‘green' grocer burns to ground, sparking conspiracy theories (NY Post) Note: Guidestones, now Bill Gates, stoked worldwide revolution WARS RUMORS OF WARS 36:21 V / 33:52 P What would nuclear war do to the Earth? - study (J Post) Note: Simulation, 33 alert INTRO (M-W-F) 43:08 V / 40:39 P B&G Update V4V/Exec./Asso./Support FLIPPY 56:42 V / 54:13 P Robot that can perceive its body has self-awareness, claim researchers (New Scientist) [Party, Ravel, Clips, Clue] 1:08:19 V / GUN CONTROL 1:10:12 V / 1:07:43 P CLIPS: Footage of Uvalde released to public (KVUE) Note: 33 alert (Read Email?) METAVERSE/CHINA 1:28:50 V / 1:26:21 P Shanghai $52 bn metaverse development, smart gadgets to help China's recovery (SCMP/Yahoo) Note: China corp. Metaverse pushing every nation to become open corporations (network state bleh) → The Making of Saudi Inc. (Bloomberg) The Network State becoming mainstream (Tim Ferris) Note: Description of the “Network State” (Foresight Institute) People finding God through Bitcoin (Slate) [TREASURE/SPEAKPIPE/BYE YOUTUBE] 2:04:15 V / 2:01:46 P COVID/WACCINE 2:32:59 V / 2:30:30 P Desperate Long Covid Patients Paying Thousands for Unproven Blood Treatment (Gizmodo/MSN) Government braces to fund ‘substantial' number of Covid-19 vaccine liabilities (City AM) BEAST SYSTEM/INDIA 2:46:02 V / 2:43:33 P National emblem: Ferocious lions' statue on new parliament raises eyebrows (BBC) 33 alert Three faced Goddess - Wiki CRISPR: Boston biotech Verve tests ‘CRISPR 2.0′ in a patient, first time (MSN / Boston Globe) [TALENT] 3:02:29 V / 3:00:00 P SPACE 3:19:33 V / 3:17:04 P Scientists Marvel at NASA Webb Telescope's New Views of the Cosmos (NY Times) Marjorie Taylor Greene Accuses James Webb Tele of Making Other Galaxies Available to Jewish Lasers (New Yorker) “The Left Can't Meme” (know your meme) [TIME/OUTRO] 8:54 V / 6:25 P Combined: 3:47:26 V / 3:44:57 P EPISODE 508 WAS PRODUCED BY… Executive Producers Dame Lynn Lady of the Lakes** Doughty the Coyote** James D** Dustin H** Producers Darrin S, TWINKIE#1, Benjamin S, LX ProtoCol V2, MORV, Sir JC Knight of the Technosquatch, Veronica D, Sir Scott Knight of Truth, Sir Casey the Shield Knight, Gail M, Runksmash AUDIO PRODUCTION (Jingles, Iso, Music): LloydV ART PRODUCTION (Drawing, Painting, Graphics): Dame Allie of the Skillet Nation, Sir Dove Knight of Rusbeltia CONTENT PRODUCTION (Microfiction etc.): Runksmash: Basil vanishes in haste, knowing exactly whe the hooded figure is, but an unaware Rooster turns to the her. The giant digital bird locks eyes with her, “You must be a creation of his.” She says with a smile, “He taught me to love, laugh and survive.” CLIP PRODUCER Emsworth, FaeLivrin, Epsilon Timestamps: Mondays: Jackie U Wednesdays: Jade Bouncerson Fridays: Christine C Social Media: MissGBeauty ADDITIONAL STORIES: People are finding God through Bitcoin (Slate) Biden Handshake With Netanyahu Muddles Plan to Limit MBS Contact (Bloomberg) The colour of democracy is green: Why a clean energy transition is also vital to liberty (WEF) Privacy advocates fear Google will be used to prosecute abortion seekers (NPR) → Japan may tighten gun control reg further in wake of Abe's assassination (Indy UK) Chinese nationalists celebrate Shinzo Abe shooting online, feeling happy (SCMP) 'Have we learnt nothing!' Twitter users rage as WHO warns Covid 'running freely' again (Express)
Canary Cry News Talk #506 - 07.08.2022 MOUNT OF GODS AND GUNS Abe Shot Dead, Bye Boris, Rogers Cyber-Pandemic, Saudi Inc, Network States TAKE THE SURVEY HERE: https://bit.ly/39VCG4D LINKTREE: CanaryCry.Party SHOW NOTES: CanaryCryNewsTalk.com CLIP CHANNEL: CanaryCry.Tube SUPPLY DROP: CanaryCrySupplyDrop.com SUPPORT: CanaryCryRadio.com/Support MEET UPS: CanaryCryMeetUps.com Basil's other podcast: ravel Gonz' New Youtube: Facelikethesun Resurrection Gonz' Video Archive: Facelikethesun.Live App Made by Canary Cry Producer: Truther Dating App PODCAST T-2:31 START SHOW PRE LEAD 5:38 V/ 3:07 P Biden's executive order on abortion (AP) Elon musk terminates twitter deal (MarketWatch) GATES OF THE GODS [Brief] 16:33 V / 14:02 P No, CERN did not open a portal into another dimension (Snopes) NOTE: Not mentioned in Snopes: Gotthard Tunnel opening ritual, Lord Shiva monument, CERN announces largest particle accelerator discovered on Mars, Science Gateway 2023, WWW invented by CERN scientist…on and on… GUN CONTROL/TRUMP/NWO 25:48 V / 23:17 P → → Creator of Japanese hit anime Yu-Gi-Oh found dead off Japanese coast (NY Daily/MSN) → → Japan makes online insults punishable by 1 year in prison (CNN, Sir Sigrah) **Japan's Shinzo Abe sought to revive economy, fulfill conservative agenda (Reuters) **Assassination shocks nearly gun-free Japan (NY Times) **Tetsuya Yamagami used homemade gun, served in Japanese Navy (News18) Source: Abe is a conservative…widely described as right-wing Japanese nationalist (Wiki) Source: Thread with image and video from the Abe shooting scene (Twitter) Gonz Notes: Shinzo 安倍 means [safe][double]; Abe means “Sun Festival” in Ainu; shooter named Tetsuya Yamagami Note: Yen rises to 135.33 per dollar in Abe shooting aftermath (Aljizeera) POLYTICKS/TRUMP/GREAT RESET 50:48 V / 48:17 P Why Boris Johnson fell but Trump remains his party's de facto leader...for now (CNN) INTRO (M-W-F) 1:01:58 V / 59:27 P B&G Update V4V/Exec./Asso./Support FLIPPY 1:09:11 V / 1:06:40 P Ukraines Killbots (The All I Need) [Party, Ravel, Clips, Clue] 1:19:06 V / 1:16:35 P CLUE BEAST SYSTEM / NWO 1:20:55 V / 1:18:14 P Georgia Guidestones had to be totally demolished for safety (Newsweek) TRANSHUMAN/BEAST SYSTEM [Note] - For the next show → The Making of Saudi Inc. (Bloomberg) The Network State becoming mainstream (Tim Ferris) Note: Description of the “Network State” (Foresight Institute) [TREASURE/SPEAKPIPE/BYE YOUTUBE] 1:49:31 V / 1:47:00 P POLYTICKS 2:16:46 V / 2:14:15 P Treasury faces scrutiny for giving Hunter Biden 'cover' with new rule for doc requests (Fox) CHICAGO 2:25:21 V / 2:22:50 P Lightfoot Hypocrisy (Fox) Chicago's 4th of July Weekend Bloodier than Highland (WAPO) Only Chicago Rules can defeat Russia (Atlantic) CHINA 2:50:42 V / 2:48:11 P China holds combat exercises around Taiwan as U.S. senator visits (Reuters) “I'm getting slapped by my child.” 2:54:47 V / 2:52:16 P [TALENT] 3:02:45 V / 3:00:14 P ANTARCTICA 3:37:07 V / 3:34:36 P Antarctica Castle Discovered (Antarctica Journal) → Simulations show Antarctica's only insect is at risk due to global warming (Phys.org) → Two Crystal Ships "Arrested," Crystal Endeavor Sails From Argentina (Travel Agent Central!) NEPHILIM UPDATE 3:56:05 V / 3:52:44 P Argentine 'gargoyle' shows how huge predatory dinosaurs evolved (Reuters) [TIME/OUTRO] 4:02:46 V / 4:00:15 P EPISODE 506 WAS PRODUCED BY… Executive Producers Lotte** CK from Calgary** Producers Lady Knight Littewing, Isaac G, Marti K, Red Hood, CAM, MORV, LX Protocol V2, Runksmash, Jeanette R, Sir Casey the Shield Knight, Gail M, Darrin S, Veronica D AUDIO PRODUCTION (Jingles, Iso, Music): JonathanF, Psalm40, AlaskaFour9, Runksmash ART PRODUCTION (Drawing, Painting, Graphics): Dame Allie of the Skillet Nation, Sir Dove Knight of Rusbeltia, DarrinS, BrotherG, JOLMS, MikeB CONTENT PRODUCTION (Microfiction etc.): MrJag: And that day and hour has finally come. The waiting is now done. Changed in a twinkling of an eye, Caught up to cloud of isle. As I looked aside, Am seeing some googly eyes. It's not just any googly eyes, but it's Basil's glorified eyes! CLIP PRODUCER Emsworth, FaeLivrin, Epsilon Timestamps: Mondays: Jackie U Wednesdays: Jade Bouncerson Fridays: Christine C Social Media: MissGBeauty ADDITIONAL STORIES: Maldives building first floating city on the ocean (Traveller) Bezos quote tweets Biden plea for gas stations to lower prices (Twitter) Giant African land snails put Florida town in quarantine (METRO) Did CERN open a portal to another dimension? (PopCrush) How Jack Parsons and the Suicide Squad Created a ‘New Paradigm in Rocketry' (Pasadena) Got COVID? Doctors warn powering through it, even from home, can worsen health (LA Times) Comey and McCabe, Two Trump Foes, Both Faced Intensive I.R.S. Audits (NY Times) Rogers network outage across Canada hits banks, businesses and consumers (CNBC) Teledyne wins Pentagon contract to make bomb disposal robots (Yahoo) The Most Haunting Robots That Are Actually Real (SlashGear)
Rising international oil prices and the success of Saudi Aramco's stock market listing are encouraging other companies in Saudi Arabia to sell shares to the public. At the beginning of this year, 50 Saudi firms had announced plans to list on the country's Tadawul stock exchange, through Initial Public Offerings. But as global economies slow, international investors appear less willing to place fresh bets. And that could knock the wind out of the sails for the Kingdom's IPO boom. We spoke to Tranversal Consulting President and author of the book, Saudi Inc, Ellen Wald. She explains the factors driving the boom in Saudi Arabia's stock market listings and what could make it go bust. #SaudiArabia #Tadawul #Aramco
Oil prices have plunged by around 6-percent after the world's major exporters agreed to phase out production cuts implemented when the pandemic disrupted global fuel demand. Earlier, OPEC and its allies failed to reach a deal as Saudi Arabia and the United Arab Emirates disagreed on how much more oil each would be allowed to sell overseas. But as Mobin Nasir reports, demand for crude could take a hit just as its supplies are finally ramping up. For more on this, Ellen Wald joined us from Jacksonville, Florida. She's President of Transversal Consulting and is the author of Saudi Inc. #OPEC #Barrels #OilPrices
Join Marty as he sits down with Dr. Ellen Wald, author of Saudi, Inc., to discuss: - The unspoken tradeoffs of green energy - The Colonial Pipeline situation - Ransomeware - The ESG movement - Is bitcoin a commodity? - Saudi Inc. - much more Follow Ellen on Twitter Pick up Saudi, Inc. Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Compass Mining. Compass wants to democratize bitcoins hashrate and give everyone the ability to strengthen the network while mining bitcoin profitably. Thanks to Compass, it’s never been easier to mine bitcoin. Check them out at compassmining.io Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.
Join Marty as he sits down with Dr. Ellen Wald, author of Saudi, Inc., to discuss: - The unspoken tradeoffs of green energy - The Colonial Pipeline situation - Ransomeware - The ESG movement - Is bitcoin a commodity? - Saudi Inc. - much more Follow Ellen on Twitter Pick up Saudi, Inc.
The world's biggest oil producer, Saudi Aramco, is no longer the world's most profitable company, after net income plunged by almost half last year due to the pandemic. But the oil giant says it still plans on doling out tens of billions of dollars in dividends despite the plunge in profits. Most of this money will go to the Saudi government, which is the company's largest shareholder. And Aramco says global demand for oil is rising, so it expects earnings to get a boost this year. For more on this, Ellen Wald joined us from Jacksonville, Florida. She's the president of Tranversal Consulting and author of the book Saudi Inc. #SaudiAramco #OilDemand #Pandemic
Saudi Arabia plans to terminate contracts with foreign companies unless they move their regional headquarters to the kingdom. This puts the country in direct competition with its ally, the United Arab Emirates, which is also home to the region's prime commercial hub, Dubai. Saudi Arabia is giving multinationals until 2024 to set up regional offices in Riyadh or be barred from lucrative government contracts. The kingdom wants to replicate the success of - and possibly replace - the UAE as the region's most business-friendly country. We were joined by Ellen Wald, she's the president of energy consulting firm, Transversal. She's also the author of the book, Saudi Inc and she joins us from Jacksonville, Florida. #SaudiArabia #RegionalOffices #BusinessFriendly
Global oil markets are under intense pressure after the price of US oil - West Texas Intermediate - fell into negative territory for the first time in history on Monday. The price of Brent crude - the international benchmark - has fallen below 20 dollars a barrel for the first time in 18 years, a sign that markets aren't anticipating any immediate recovery to the collapse in global oil demand caused by the coronavirus pandemic. And as Mobin Nasir reports, unless markets rebound, the impact could spill over to consumers. For more on this, Ellen Wald spoke to us from Jacksonville, Florida. She's president of energy market consultancy Transveral Consulting and author of the book, Saudi Inc. #Oil #WTI #USCrudeOil
Oil prices have sunk to an 18-year low as global demand collapses due to the coronavirus pandemic. Countries around the world, including the world's top oil consumers China and the US, have all but shut-down their economies to try to contain the outbreak. Oil is also under pressure from Saudi Arabia's price war with Russia and American producers, and that could drive some countries that depend on oil exports into economic ruin. Mobin Nasir reports. For more on this, Ellen Wald joined us from Jacksonville, Florida. She's president of the energy consulting firm, Transversal Consulting and author of the book, Saudi Inc. #OilPrices #BrentCrude #Coronavirus
A multi-million pound takeover of the English Premier League team Newcastle United by Saudi Arabia's sovereign wealth fund could be in the works. BBC Sports reporter Alistair Magowan explains what we know so far about the deal. In the meantime Ellen R Wald, author of Saudi Inc, speculates on Crown Prince Mohammad Bin Salman's motivation for wanting to buy Newcastle. It’s not likely to be profit, explains football finance expert Kieran Maguire. Perhaps prestige? But given that the Saudi state’s record on human rights is abysmal, as Felix Jakens from Amnesty UK explains, is it appropriate that they should be allowed to buy the team? We hear from Norman Riley, Newcastle United diehard and deputy editor of the True Faith fanzine. Producers: Edwin Lane, Frey Lindsay. (Picture: Newcastle supporters in the crowd. Picture credit, Getty Images)
The most valuable company in the world is an oil company. Saudi Arabia's ARAMCO is offering its first ever IPO. Discover how U.S. oil and gas companies are reacting, and how it may change O&G investing around the world. Ellen Wald, author of “Saudi Inc.,” joins Mike.
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime.
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime.
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices
America is now an oil exporter. Saudi Arabia has been one for the better part of a century, first in partnership with Standard Oil of Southern California(now Chevron)and over time on their own. The history of Saudi Arabia is inextricably linked to the business acumen of the ruling family and their ability to make … Continue reading EP 145 Saudi, Inc.
Guest: Ellen Wald President, Transversal Consulting and author of “Saudi, Inc.” Record Date: 5/21/18 Listen on —> iTunes Listen on —> SoundCloud Topics: Ellen’s Backstory Saudi, Inc. Saudi Arabia & Price of Crude Oil Price of Oil – Technical or Fundamental Driven Iran Sanctions Venezuela Saudi Arabia’s Production & Who buys most of it? OPEC Rapid Fire: […]
Guest: Ellen Wald President, Transversal Consulting and author of “Saudi, Inc.” Record Date: 5/21/18 Listen on —> iTunes Listen on —> SoundCloud Topics: Ellen’s Backstory Saudi, Inc. Saudi Arabia & Price of Crude Oil Price of Oil – Technical or Fundamental Driven Iran Sanctions Venezuela Saudi Arabia’s Production & Who buys most of it? OPEC Rapid Fire: […]
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On this week's Capitol Crude podcast we interview Ellen Wald author of the new book 'Saudi, Inc.: The Arabian Kingdom’s Pursuit of Profit and Power.' Wald talks about Saudi Arabia’s modest beginnings in the global oil market, the US role in developing Saudi's oil resources and the...