Celebrity Deaths (merged)

by **VinceG** » Mon 01 Aug 2005, 04:45:12

His death won't change that much, because his halfbrother Abdullah has been pretty much in charge since 1995, when King Fahd suffered a serious stroke...

by **linlithgowoil** » Mon 01 Aug 2005, 05:52:13

inconsequential news really. he's not been in charge for 10 years.

by **Kaare_Mai** » Mon 01 Aug 2005, 05:58:32

$this->bbcode_second_pass_quote('', 'i')nconsequential news really. he's not been in charge for 10 years.

by **jaws** » Mon 01 Aug 2005, 06:09:17

This is a monarchy guys! In a monarchy, loosely-defined succession is a recipe for trouble, especially when a gigantic amount of wealth is at stake.

by **Graeme** » Mon 01 Aug 2005, 06:30:11

No changes' to Saudi oil policy

$this->bbcode_second_pass_quote('', 'M')onday, August 1, 2005; Posted: 4:50 a.m. EDT (08:50 GMT)
LONDON, England (Reuters) -- Saudi Arabia will adhere to its long-standing oil policy aimed at keeping global markets well supplied to stabilise prices following the death of King Fahd on Monday, Saudi sources said.

Oil prices moved moderately higher after Fahd's death was announced, with U.S. crude up 56 cents at $61.13. Crown Prince Abdullah, in charge of Saudi since Fahd suffered a stroke in 1995, was named monarch of the world's largest crude exporter.

"I am sure nothing will change regarding Saudi Arabia's oil policy," a Saudi source told Reuters.

by **fungible** » Mon 01 Aug 2005, 06:57:18

I had been wondering if he was dead for the last few weeks.

Possibly we underestimate the amount of influence that Jawhara (4th wife)
and favouritr son Azouzi may have had on policy whilst Fahd was still alive.

I understand Abdullah has a Bedouin background and reformist attitude
which might mean a reduction in things like secret commission deals with US corporations etc.

In conjunction with the sudden retirement of Bandar Bush perhaps business relationships with US may cool a tad.

Abdullah is only 1 year younger than Fahd so may not be around for much longer.

He is likely to be much fitter than Fahd ever was though and lives a less excessive lifestyle.

by **Aaron** » Mon 01 Aug 2005, 08:31:39

But how do you know he's king?

by **qibu** » Mon 01 Aug 2005, 09:09:07

Article 5 of King Fahd 1992 decree states :
$this->bbcode_second_pass_quote('', '
')Article 5
(a) The system of government in the Kingdom of Saudi Arabia is that of a monarchy.
(b) Rule passes to the sons of the founding King, Abd al-Aziz Bin Abd al-Rahman al-Faysal Al Sa'ud, and to their children's children. The most upright among them is to receive allegiance in accordance with the principles of the Holy Koran and the Tradition of the Venerable Prophet.
(c) The King chooses the Heir Apparent and relieves him of his duties by Royal order.
(d) The Heir Apparent is to devote his time to his duties as an Heir Apparent and to whatever missions the King entrusts him with.
(e) The Heir Apparent takes over the powers of the King on the latter's death until the act of allegiance has been carried out.

by **Eli** » Mon 01 Aug 2005, 10:53:01

So when do they elect a new King? ( ironic smart ass joke)

The US military is in Iraq maybe they should go down to Saudi Arabia and spread democracy down there. I mean this is an old school monarchy like England had 200 years ago. Maybe it is time the joined the twentieth century.

by **advancedatheist** » Mon 01 Aug 2005, 11:43:31

Without Bush's conquest of neighboring Iraq, the Saudi succession probably would have gone smoothly. However, Bush's actions have polarized the Saudi ruling elites, increasing the likelihood of a power struggle.

by **Art_Vandelai** » Mon 01 Aug 2005, 12:08:02

$this->bbcode_second_pass_quote('Aaron', 'B')ut how do you know he's king?

by **Free** » Mon 01 Aug 2005, 14:39:53

"But of course the oil the oil prices are going up, you know the Saudi King died and all and terrorists and stuff, it's just the usual market hysteria, nothing to see here, move along...."

:lol:

by **jdmartin** » Mon 01 Aug 2005, 15:32:19

$this->bbcode_second_pass_quote('Art_Vandelai', '')$this->bbcode_second_pass_quote('Aaron', 'B')ut how do you know he's king?

by **BabyPeanut** » Mon 01 Aug 2005, 18:55:17

$this->bbcode_second_pass_quote('Eli', 'S')o when do they elect a new King? ( ironic smart ass joke)

by **advancedatheist** » Mon 01 Aug 2005, 22:14:49

$this->bbcode_second_pass_quote('BabyPeanut', 'T')heir new king is 82 years old, how about that?

Long Live (What's Left Of) King Abdullah (formerlly Prince Abdullah.)

by **candyman** » Mon 01 Aug 2005, 22:27:24

I think many have underestimated the potential ramifications of the change in leadership (probably because every media outlet has stressed and restressed that there will be no change in policy....hmmmm) But this evening on NPR I heard one person say that there may be alot more pressure on the new king to restrict output and "conserve" SA's only (and very precious) natural resource. I about choked. Thank god it was a small seemingly innocuous statement on NPR.... say something like that on a big business news channel and the poopoo could contact the whirling blades mighty fast. Think of it this way.... every oil producing country EXCEPT Saudi Arabia is pumping flat out. SA truly controls the price of crude as it is the only country with spare capacity (or did) and has held the price down. The new king could make an awful lot of friends in the neighborhood if some mysterious accident put a crimp in production. Transitions are always a time of stress and change.... and it's always good to have friends at times like that..... something to think about.

by **Eli** » Tue 02 Aug 2005, 00:40:37

Oh man if they just cut back a little just a hair a smidgen. Or just talked about it openly said stuff like "we need to do major upgrades to our production capabilities''

They could literally make twice or three times as much money selling half as much oil as they are now. Why would you not do this in a capitalist system?

I am mean it is just supply and demand working out to the fair market value.

If SA says anything about cutting back or doing major repairs, I would guess 100 dollars a barrel would be a real possibility. And if demand destruction started to take effect and people cut back on wasteful driving and such well then just cut back more till you reach the inelastic demand point.

by **DantesPeak** » Tue 02 Aug 2005, 00:58:08

A report in Financial Times Tuesday's edition states that SA will be less inclinded now to have US contractors construct any new energy facilities. They have also refused US companies from starting any major work for the last three years.

They may not want US companies there because of political sensitivities, but then why haven't they invited other foreign companies in to proceed with the much talked about development of oil reserves? Or even more gasoline refining capacity - where there is a ready market in the US?

One might conclude that these projects are not profitable at current price levels - or even worse, like Matt Simmons says - we have reached the twilight of SA productive capacity.

$100 is a round number that will have little meaning if SA oil supplies are disrupted or production otherwise peaks out.

by **dmtu** » Tue 02 Aug 2005, 04:54:55

A quick history by the Iternational Herald Tribune

http://www.iht.com/articles/2005/08/01/ ... 1fahd2.php

by **Madpaddy** » Tue 02 Aug 2005, 05:07:18

$this->bbcode_second_pass_quote('', 'B')ut how do you know he's king?

Celebrity Deaths (merged)

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