Raymond J. Learsy: OPEC’s Massive $1Trillion Haul In 2012 While Sowing Jihad

With the price of oil hitting a year long all time high, averaging over $111 barrel for Brent crude, OPEC’s benchmark, the OPEC oil cartel led by Saudi Arabia will glom more than a $1,000,000,000,000 (trillion) in net oil revenue, an all time high. This, in spite of weak economic growth worldwide (“Opec Cartel to Reap Record $1tn…” Financial Times 12.31.12).Back in January 2012, with barely a touch of irony nor shame the Saudi Oil Minister, Ali al-Naimi pontificated “If we are able as producers and consumers to average $100 I think the world economy would be in better shape.” This from the very same oracle who instructed us some two years before that “You must understand that the purpose of the $75 price is a much more noble cause” (please see ” ‘Noble’ OPEC Criticizes the International Energy Agency” 01.19.2011)This torrent of money flowing into OPEC, especially into the Persian Gulf States, raises the question how is this massive windfall being put to use other than providing fresh capital for the world’s largest sovereign wealth funds, as those of Saudi Arabia, United Arab Emirates and Kuwait.Read More…
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Raymond J. Learsy: OPEC’s Massive $1Trillion Haul In 2012 While Sowing Jihad

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