Sultan of Brunei grapples with new oil realities

Sultan of Brunei grapples with new oil realities :

"The Sultan of Brunei marked his silver jubilee in a gilded chariot hauled by dozens of subjects. A quarter of a century later, on the brink of Hassanal Bolkiah’s 50th anniversary on the throne, a new theme has emerged in this tiny, oil-rich Southeast Asian state: moderation. The 71-year-old’s authority appears as strong as ever but his nation has been buffeted by bigger global trends. The plunge in world energy prices, Chinese expansionism and a younger generation’s restlessness have chipped away at the old model of oil-fuelled consumption and welfarism — presenting the world’s longest-ruling absolute monarch with a puzzle. “The oil prices have been a real wake-up call,” says Mustafa Izzuddin, a fellow at Singapore’s Iseas-Yusof Ishak Institute. “There are certain pressing issues they have to address. They are not going to collapse any time soon — [but] their natural resources are being depleted.” "



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