Saudi Arabia’s waiting game with oil | GulfNews.com

Saudi Arabia’s waiting game with oil | GulfNews.com:



"As the ruler of a country that sits atop 300 billion barrels of oil, Saudi Arabia’s late King Abdullah was no fan of proposals to limit the burning of fossil fuels. During most of his reign, the king’s chief envoy to climate talks was a global-warming sceptic who boasted of his success at scuttling climate treaties.



But it was in the monarch’s final months that Saudi officials hit upon a more effective way to knock the clean-energy movement off its tracks: cheap gas.



Since King Abdullah’s death, Saudi officials have recommitted themselves to recent policies that have helped drive oil prices to their lowest levels in a decade. The kingdom’s efforts to manipulate oil markets are wreaking havoc with Saudi Arabia’s chief oil rivals, from Iran and Russia to the tar-sands mines of western Canada. Now energy experts are seeing evidence that the oil bust is helping Saudi Arabia achieve another long-term goal: undermining global efforts to reduce dependence on fossil fuels."



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