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Article: DOE'S MIDDLE EAST ANALYST PREDICTS NEAR-TERM CHANGE IN SAUDI ARABIA
- Article from:
- Hart's Petroleum Finance Week
- Article date:
- October 18, 1999
CopyrightCopyright Phillips Business Information, LLC Oct 18, 1999. Provided by ProQuest LLC. (Hide copyright information)
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Governmental, social and economic change can be expected in Saudi Arabia in the near term, the U.S. Department of Energy's senior Middle East energy analyst said last week. "(The king and princes) have had it pretty good up until now, because of oil revenues, and up until now they have been reluctant to change," Robert Copaken told Houston World Affairs Council members at a luncheon.
The country's economy is facing one of its greatest challenges in years. Oil revenue makes up 85% of its export earnings and 40% of its gross domestic product. Copaken believes Saudi King Fahd and Crown Prince Abdullah recognize that change is necessary, for economic survival of the country. The other ...