Saudi Protests Threaten Oil Prices

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Demonstrations began spreading to Saudi Arabia: In Jeddah, youngsters took the streets and demanded reform. The Youth for Change movement is inspired from the young people in Egypt, which are nearby.

On the other side of the huge oil producing country, another type of uprising began: Shiites, a minority in Sunni Saudi Arabia, have shown their solidarity for the Shiites in Bahrain. The protest took place in a small town named Awwamiya. While this is a small town, it resides in the oil-rich province of Qatif. Shiite riots at critical cities close to the Persian gulf might have a huge impact on the price of oil. The protests are rather small, but they have going on for quite a few days.

Saudi Arabia isn’t immune to unrest, despite its wealth. The oil wealth isn’t distributed evenly between the citizens, to say the least.

A “day of rage” is planned in the Saudi kingdom on March 11th.

For more on oil prices,see Trading Energy.

Higher oil prices have weighed on the dollar. While the civil war in Libya could end with NATO’s intervention, Saudi Arabia is already a much bigger producer.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

8 Comments

  1. Pingback: Gaddafi to Zimbabwe? Libyan Opposition Closes on Tripoli | Forex Crunch

  2. JeddahExpat on

    Currently in Jeddah.
    This didn’t happen.

    Please confirm your facts before reporting.
    It’s one of those things journalists used to do.
    Remember them?

  3. Pingback: EUR/USD Feb. 28 – Calm Before the Storm | Forex Crunch

  4. Izzat Atieh on

    I’m living in Saudi for more than 12 years , knowing how much all the people living in Saudi DO LOVE KING ABDULLA . . . I can assure that it will not happen in Saudi. God bless Saudi Arabia.

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