Word: saudi
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...President Karzai seems to be moving in the same direction. Last week he appealed to Taliban leader Mullah Omar for peace and offered to talk. And in September, during the holy fasting month of Ramadan, representatives of Karzai's government sat with former Taliban leaders and Saudi Arabia's King Abdullah in Mecca to discuss Afghanistan's problems over a sunset feast of more than 100 dishes. Both Karzai's government and Afghanistan's current Taliban leadership deny that any negotiations took place. But one of the attendees, Abdul Salam Zaeef, the former representative of the Taliban's Islamic Emirate...
...rich countries the slump has come at a bad time. As the oil price began rising during the past few years, governments and big oil companies plowed billions into exploring and developing new fields in Russia, Angola, Mexico, Brazil and Saudi Arabia - projects whose costs have more than doubled in the past few years, in part because soaring steel prices drove up drilling equipment costs and oil-rig rentals. Just as global demand has begun to slow, millions more barrels of oil a day from new fields have hit the world market...
...disastrous error made at an Opec meeting in Jakarta in 1999, when the cartel - which produces more than a third of the world's oil - opted to raise its production levels. Within weeks Asian stock markets tumbled, driving world oil prices down to $11 a barrel. Oil officials in Saudi Arabia and elsewhere have cited that price crash as the reason they've rebuffed pleas from President Bush to pump more oil. Says Benali: "Countries have learned the lessons of the past...
...much longer before cutting its output, it could face another massive price collapse. On Thursday, Opec officials scheduled an emergency meeting in Vienna for Nov. 18 rather than wait until the cartel's scheduled summit in Algiers in early December. In the meantime, the world's biggest oil producer, Saudi Arabia - which increased production in the summer - has already begun loading less oil on its tankers, according to global oil figures...
...Other nation-states understand the consequences of not lending a hand. At the Assembly last week, China initialized programs to promote clean energy in Africa and Saudi Arabia committed $500 million to enroll 24 million children in primary school. The U.S. only pledged a paltry $61 million over five years, despite the fact that the interconnectedness and global character of all the present crises is becoming painfully apparent. Irony is everywhere. If you think the cash for a $700 billion dollar bailout is coming from taxpayers during an election year, think again: It’s coming from Beijing?...