The cartel faces the prospect of surging US output whenever oil prices rise
If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade.
The contract price of US crude oil for delivery in December 2020 is currently $62.05, implying a drastic change in the economic landscape for the Middle East and the petro-rentier states.
Sen. Charles Schumer ended weeks of indecision Thursday night by announcing he would not support President Obama’s landmark nuclear deal with Iran.
The high-ranking Democrat released a statement saying that after “considerable soul-searching” he determined that there are “serious weaknesses” in the accord signed by Iran and six world powers in mid-July.
“I will vote to disapprove the agreement, not because I believe war is a viable or desirable option, nor to challenge the path of diplomacy,” Schumer said.
“It is because I believe Iran will not change, and under this agreement it will be able to achieve its dual goals of eliminating sanctions while ultimately retaining its nuclear and non-nuclear power.”
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