Saudi Arabia: Growing Chaos May Further Increase the Price of Oil

By on Mar 11, 2011 in Current Events, International, Middle East, Politics Comments

Saudi Arabia
Image Credit: bloomstart.eu

The growing chaos among protesters in Saudi Arabia may further increase the rising price of crude oil according to international economic analysts, March 10, 2011. After the turmoil in Egypt and the growing civil war in Libya, a new problem is sprouting from the world’s top oil exporter. Last Thursday, Saudi police dispersed the crowd of Shiites after their demonstration against the monarchy where at least one man was reportedly injured.

Shiites make up about 10% of Saudi’s citizens. Their main cry is to stop discrimination that greatly affected them. Inspired by the fall of Tunisian and Egyptian leaders, protesters now call for a constitutional monarchy. Its neighboring country, Bahrain also receives robust protest for a representative government and relief from poverty and unemployment.

Even the social media networks were used to signify the activists’ views. In a Facebook page, the “March 11 Revolution of Longing” has attracted viewers. The growing demands of election, freedom of women and release of political prisoners create disturbances in the oil-rich kingdom.

Amidst the problem, Saudi authorities ensured that they will not tolerate the demonstration as they will take actions against anyone proven to be participating with them.

As a result of the Middle East unrest, even the world market will experience the aftermath of the events. According to economic analysts, the price of oil may double if the growing chaos in Saudi will not be solved. Saudi is the number one oil-producing country in the world which produces millions of barrels of oil per day to supply its neighboring countries and other highly developed countries.

Meanwhile, the Philippine Embassy in Riyadh advised Filipino workers, which are among the most number of overseas workers in Saudi, to be alert and avoid crowds. If possible, the Department of Foreign Affairs directed the Filipino community to “confine their movements to their workplaces and residences”.

 



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