Saudi princes purge pushes Scottish oil prices up to new high of $62.50 per barrel!

Mohammad-bin-Salman-bin-Abdulaziz-Al-Saud

Image Credits: Bandar Algaloud / Saudi Royal Council / Handout/Anadolu Agency/Getty Images.

How’s that for a headline I never thought I’d write?

Mohammed bin Salman, crown prince of Saudi Arabia has just removed a bunch of his relatives from positions of power on charges of corruption. He is also a major player in sticking to the Opec production curbs which are mainly responsible for keeping oil prices high. Now, according to the Guardian the price has risen to $62.50 per barrel as a reaction to the uncertainty in the Saudi kingdom.

https://www.theguardian.com/business/2017/nov/06/oil-price-rises-to-two-year-high-after-saudi-arabia-purge

This is the second report of prices at $60pb and above suggesting that the Aramco chief’s prediction of massive shortages and a return to £100pb may well be more likely than some may think. See:

Independent Scotland’s oil wealth is assured as Aramco chief predicts huge shortages

Investors already betting on $100 per barrel oil in 2018? Indyref2 should be a very different story

Bear in mind, also, the BP chief’s admission that it already costs only £15pb to extract the stuff! Time for taxation?

North Sea oil companies making $40 profit on every barrel and costs are still falling!

Anyone know how Good Mourning Scotland and Revolting Scotland are covering oil prices?

Advertisements

5 thoughts on “Saudi princes purge pushes Scottish oil prices up to new high of $62.50 per barrel!

  1. gavin November 7, 2017 / 2:32 pm

    Wonder how high the price has to go (with subsequent profit gains) before the UK starts to raise taxes on oil( and credit this to Scotland’s balance). Or do all the profits get syphoned off to the tax havens under a thousand kid-on names with Tory party connections?

    Like

      • Jon November 7, 2017 / 7:26 pm

        Rumour has it that with the President of Lebanon standing down whilst in Saudi and some Gulf states getting their citizens out, the way is being prepared for the country to become “troubled”.

        Like

  2. Ludo Thierry November 7, 2017 / 9:21 pm

    Interesting stuff on beeb website re. the oil company Ithaca’s ‘interesting’ tax arrangements. Maybe we’ll see a little bit more of the Scottish MSM willing to investigate and report on establishment wrongdoings in the not too distant future.

    Se below another brief update on the Johnston Press activist sharehoders’ attempts to wrest control of the company from the Executive Directors and tame Board (whose activities bear considerable likeness to a band of pirates looting a captured vessel). Meanwhile the JP newsgathering activities have been starved of resources and sidelined into nothing more than a britnat media relations service. Developments continue apace (see below):

    Johnston Press formally served with demand for boardroom shake-up by billionaire activist investor

    Johnston Press’s biggest shareholder has demanded former Scottish National Party leader Alex Salmond be appointed to the board of the owner of the i newspaper.

    Norweigian billionaire Christen Ager-Hanssen, who owns 20 per cent of Johnston Press through his company Custos Group, yesterday wrote to the company calling for chair Camilla Rhodes and non-exec Michael Butterworth be removed by directors.

    Custos said Alex Salmond and Steve Auckland should be appointed as non-executive directors of the company and requisitioned a general meeting of the Johnston Press’ shareholders.

    In the meantime, Johnston Press should not be allowed to appoint any new directors, Custos said.

    In a short stock market announcement this morning, Johnston Press said it would update shareholders on the timing of a general meeting and it was consulting with its advisers over what to do next. The company urged shareholders not to take any action at this time.

    Last month, the owner of the Swedish version of the Metro newspaper, attempted a boardroom coup to appoint four directors of the board. This was blocked after debt agreements stipulated only existing board members can approve new director appointments.

    Watch this space.

    Ta, Ludo

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s