The oil princes of Saudi Arabia became literal beggars at the United Nations climate talks that began at Bangkok on September 28. The oil kingdom demanded that they, along with other OPEC member nations, receive subsidies for revenues to be lost due to potential global warming.
Speaking on October 8, Mohammad S. Al Sabban, who led the Saudi delegation at the talks, claimed that a report by the International Energy Agency on OPEC revenues was seriously skewed. According to the IEA, OPEC revenues would still increase by more than $23 trillion between 2008 and 2030. This is four times the amount revenues increased between 1985 and 2007. Al Sabban said of Saudi Arabia “We are among the economically vulnerable countries,…This is very serious for us. He went on to say “We are in the process of diversifying our economy but this will take a long time. We don’t have too many resources.”
the long knives were also out here last week:
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=509103
Petropolitics: If there's a bright spot to greenhouse gasbags curtailing carbon output, it's watching the Saudis squirm. The sheiks worry they may have to make do with one or two fewer yachts.
During recent U.N. talks over global emissions cuts, Saudi Arabia quietly demanded that OPEC states get special financial aid if a new climate pact calls for big cuts in fossil-fuel use.
The kingdom's whimpering comes despite a new International Energy Agency report showing OPEC revenues would still grow $23 trillion between 2008 and 2030 — a fourfold jump compared with the 1985-2007 period — if countries agree to slash carbon output and thereby cut their use of oil.
But trillions more in cartel cash aren't enough for Saudi royalty. Flush with petrodollars from the huge run-up in crude prices last year, they're suddenly crying poor mouth.
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