As we warned previously, the devaluation, or breaking of the Saudi Riyal peg to the dollar, could be the black swan event for crude oil and the recent weakness in SAR forwards - while not as violent as Nigeria's Naira - certainly signals a renewed market fear that breaking the peg is imminent.
Over the past few months, the United States has had a sudden renewed interest in the details surrounding the 9/11 terror attacks, mainly due to the buzz that was created by a 60 Minutes special which told of a the last 28 pages of an investigative report being classified and not included in the final report handed over to the 9/11 commission. The pages allegedly have credible evidence that implicates the government of Saudi Arabia as being complicit in the attacks.
Lawyers representing family members from the 9/11 victims have accused Saudi Arabia of orchestrating a huge cover-up in their role in the attacks and of “whitewashing” history. Saudi Arabia has been lobbying members of Congress by distributing an odd white paper that details its “counter-terrorism efforts”, in a bid to convince American lawmakers that they had nothing to do with the September 11 attacks. Presstv.com reports: Riyadh is providing “more whitewash than white paper,” lawyers for the family members said in a statement on Friday, following the Politicoreport.
Submitted by Rakesh Upadhyay via OilPrice.com,
The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran.
The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels.
On Tuesday, the US Senate passed the Justice Against Sponsors of Terrorism Act. The bill allows victims of terror attacks on U.S. soil or surviving family members to bring lawsuits against nation-states for activities supporting terrorism. Senator Charles Schumer (D-NY) explained that the bill is very near and dear to his heart, and would "allow the victims of 9/11 to pursue some small measure of justice."