Jim_Krane]_Energy_Kingdoms__Oil_and_Political_Sur

146THE POLITICS OF REFORM BAHRAIN Bahrain is the Gulf state least able to afford subsidies but the one most politically depende ...

THE POLITICS OF REFORM147 UNITED ARAB EMIRATES Four years after Dubai’s pathbreaking reform, described in chapter 7, the UAE fe ...

148THE POLITICS OF REFORM In interviews I conducted before the Arab Spring uprisings, senior Abu Dhabi energy policy officials ...

THE POLITICS OF REFORM149 Outside Saudi Arabia’s across- the- board price hikes, however, the reforms in the other five monarch ...

150THE POLITICS OF REFORM reduce welfare spending, especially on the energy subsidies that have undermined their export- led ec ...

THE POLITICS OF REFORM151 fiscal buffers.^35 By 2018, less than four years into the lower oil price envi- ronment, some countri ...

$120 $100 $80 $40 $20OPEC basket oil price (nominal $US/bbl) May 2014 July 2014 Sept 2014 Nov 2014 Jan 2015 March 201 (^5) May 2 ...

THE POLITICS OF REFORM153 Thus far, GCC citizens have not risen up en masse. Why? Two reasons. The evolution of Gulf society an ...

154THE POLITICS OF REFORM complaints about subsidy reforms that may have been tolerated in the past became unacceptable. In sho ...

THE POLITICS OF REFORM155 in the Gulf, found themselves attracted to the possibility of greater political participation. The at ...

156THE POLITICS OF REFORM In January  2018, Saudi Arabia and the UAE imposed the GCC’s first- ever value- added tax, imposing a ...

THE POLITICS OF REFORM157 The farthest- reaching reforms have taken place in Saudi Arabia, the quintessential rentier state. Th ...

14 12 10 8 6 4 2 0 KSA Kuwait Oman Bahrain Qatar AbuDhabi Dubai NorthernUAE UnitedStates US cents per kWh Residential (citizens) ...

THE POLITICS OF REFORM159 accompanying repression.^45 Otherwise, benefit cuts and taxes risk “alien- ating large portions of th ...

T he scruffy city of Jubail lies an hour’s drive north of the Saudi oil metroplex around Dhahran, through a desert- industrial n ...

CONCLUSION: THE CLIMATE HEDGE161 Sadara, completed in 2017 as a $20 billion joint venture between Aramco and Dow Chemical, is t ...

11.010.510.09.59.08.58.07.57.06.56.0 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 ...

CONCLUSION: THE CLIMATE HEDGE163 Saudi Aramco is now evolving into a global “integrated” oil com- pany in the tradition of the ...

164CONCLUSION: THE CLIMATE HEDGE from 5m b/d in 2008 to 9.3m b/d in 2017.^5 The shale boom revived popu- list “energy independe ...

CONCLUSION: THE CLIMATE HEDGE165 CLIMATE CHANGE AND DEPLETION STRATEGY Yet another threat to oil export looms, one far more omi ...