Is Saudi Arabia Next?

[markbark]

David Ignatious of the Washington Post writes:

PARIS -- "European Oil Companies Prepare to Invest in Saudi Arabia, as U.S. Troops Prepare to Leave."

That imaginary headline summarizes two concurrent developments that are part of a subtle shift in the Persian Gulf. The subject rated barely a mention this month, even in the financial press, which is unfortunate because we are seeing early hints of a new "status quo" for the region.

First, the details: The Saudis announced recently that their national oil company, Saudi Aramco, will form a joint venture with two European giants, Shell and Total, to look for gas in the desolate Empty Quarter in the southeast of the kingdom.

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Egads! you mean that those filthy EUROPEANS will have access to OUR OIL?!?! </sarcasm>

Fire up the carriers Rummy, it's on to Riyadh!



--MAB