November 07, 2017
  • Oil continues to rise as Saudi Arabia political tensions grow.
  • Kingdom's ruling class has purged what it says are corrupt officials who seek to undermine the country.
  • Saudi Arabia is the world's second largest oil producer so disruption in the country can have a big impact on global oil markets.
LONDON — The price of oil rose to highs not seen in at least two years on Tuesday as investors weighed the ongoing political purge occurring in Saudi Arabia, the world's second largest oil producer.
Brent crude oil, the international benchmark, passed above $64 per barrel late on Monday, and continues to rise during early European trade on Tuesday, gaining a further 0.47% to trade at $64.40 as of around 8.45 a.m. GMT (3.45 a.m. ET).
"Brent Crude continued to be the main driver of growth this Tuesday, with little else to challenge it in terms of market-swaying power," Connor Campbell, analyst at Spreadex said in an email on Tuesday morning.
"The black stuff has now crossed $64 per barrel, as commodity investors continue to rub their hands in glee at the potentially disruptive political purge currently underway in Saudi Arabia."
Here's the chart:

Oil passes above $64 per barrel as Saudi political tensions increase

Dozens of people have been detained in the crackdown, which has consolidated Crown Prince Mohammed bin Salman’s power. Billionaire Prince Alwaleed bin Talal, Saudi Arabia's best-known international investor, is also being held, officials said at the weekend.
The kingdom then started to freeze bank accounts of those captured in the purge, according to a report from Reuters.
The purge gained a prominent supporter late on Monday after US President Trump tweeted about the incident.
"I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing," he tweeted.
"Some of those they are harshly treating have been 'milking' their country for years!"
The crackdown comes as plans for Saudi Arabia's economic reform programme accelerate, with the jewel in the crown — the public listing of state oil company Saudi Aramco — fast approaching.
As the world's second largest producer of oil, and the de facto head of the oil cartel OPEC, any possible disruption to production in the Kingdom would likely have a huge impact on the global balance of supply and demand for the commodity.
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Global Vehicle to Grid Market 10 Year Forecast Report 2024-2034 - Supportive Government Regulations and Financial Incentives for V2G Deployment
DUBLIN, March 18, 2024 /PRNewswire/ -- The "Vehicle to Grid (V2G) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering. World revenue for Vehicle-to-Grid (V2G) Market is forecast to surpass US$ 4.31 billion in 2024, with strong revenue growth through to 2034. Escalating Demand for Electricity, Coupled With a Global Commitment to Reduce Reliance on Fossil Fuels, Resulting in a Surge in the Adoption of Electric VehiclesThe vehicle-to-grid (V2G) market is witnessing unprecedented growth driven by a confluence of factors shaping the future of sustainable transportation and power management. Key drivers include the escalating demand for electricity, coupled with a global commitment to reduce reliance on fossil fuels, resulting in a surge in the adoption of electric vehicles (EVs). This market is characterized by opportunities that lie in the integration of renewable energy sources, such as solar and wind, to meet energy demands, while also addressing challenges associated with the variable nature of these sources.The primary driver for the V2G market is the escalating demand for electricity worldwide. Governments and industries are increasingly recognizing the need for sustainable and low-emission solutions, driving the widespread adoption of EVs. The electrification of the transportation sector not only addresses environmental concerns but also provides a unique opportunity for EVs to serve as mobile energy storage units. This bidirectional flow of power, where EVs can both draw and supply energy to the grid, is a key driver propelling the V2G market forward.Opportunities in the V2G market are abundant, particularly in the integration of renewable energy sources. As countries strive to meet ambitious renewable energy targets, V2G technology becomes an enabler for managing the intermittent nature of solar and wind power. This creates opportunities for smart grid solutions and advanced energy storage systems. Additionally, the idle times of parked EVs present an untapped opportunity for bidirectional ...Full story available on Benzinga.com
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