Low Oil Price Won't Force Production Cut, Says Saudi Oil Minister
Oil prices have plummeted lately, bringing economic relief to consumers but leaner revenues to oil-exporting nations such as Russia, Venezuela, and Nigeria. The Organization of the Petroleum Exporting Countries (OPEC) debated cutting production, but leading exporter Saudi Arabia staunchly refuses to lower their production-no matter how low the oil price falls. As low oil prices place strain on economies in countries such as Russia and Venezuela, residents may increasingly convert their wealth to bitcoin to avoid currency crashes. Also read: Russian Ruble's Depreciation Could Trigger....
Related News
Reem Al Faisal, the photography-loving Saudi Arabian princess, recently announced the launch of her first Saudi non-fungible token (NFT) collection on Opensea and an art gallery in the metaverse. Photography Career Saudi princess Reem Al Faisal has launched her first NFT collection, called “Mekkah and Madinah,” on the Opensea marketplace, as well as an art gallery in the metaverse. The NFT collection features the Saudi shrine, Al Kabbah, while six Saudi artists are featured in the art gallery. According to a post on her Instagram account, the Saudi princess says the launch....
The Saudi Arabian central bank has reportedly appointed Mohsen Al Zahrani as the lead of the bank’s virtual assets and digital currency project. The emergence of the United Arab Emirates (UAE) as the regional crypto hub is believed to have forced authorities in Saudi Arabia to consider formally regulating cryptocurrencies.
Saudi Arabia’s Changing Position on Crypto
According to a report, the Saudi Arabian central bank has selected Mohsen Al Zahrani to lead its virtual assets and digital currency program. The appointment of Al Zahrani, according to the report,....
According to a recent report, members of the Saudi government and crown prince Mohammed bin Salman have been privately mocking U.S. president Joe Biden by questioning his keenness of thought and mental acuity. The report follows Biden’s recent trip to the region in July, when the U.S. president pressed the Saudis for more oil production, but the Saudi government refused his requests. Report Says Fist-Bumping Biden Privately Mocked by Members of the Saudi Government, Saudi Television Broadcast Makes Fun of ‘Sleepy Joe’ Saudi Arabia’s government doesn’t seem to like U.S.....
A blockchain-based tender bidding platform that was designed by female university students has been named the third-best entry in a Saudi Arabian women’s coding competition. The competition is said to be part of Princess Nourah bint Abdulrahman University’s broader goal of supporting and empowering women in Saudi Arabia’s technology sector. Empowering Women in Saudi Arabia’s Technology Sector A blockchain-based bidding platform created by female students at the Saudi Arabian learning institution Imam Abdulrahman bin Faisal University was recently recognized as one of the three....
The chorus of market crash predictions grows ever louder. The Fed pauses its funds rate hike and Bitcoin emulates gold’s rally just as gold hits an interim high. Oil price lows may force Saudi Arabia to devalue the Saudi Riyal. Amidst growing fears of a return to recession, world markets are reflecting the shift in sentiment, and interesting price chart pictures appear. GEO has maintained, since mid-2015, that the shift to recession and deflation was already underway. Now we see the telltale signs in the charts. The free money that had levitated US stock markets since 2009 has been....