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Energy

Letter From Riyadh

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
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The time may come when the nation-states of the Middle East will spend to pay for military forces large enough to defend them and their oil fields. But, in the meantime they would rather use their money to buy American banks and semiconductor companies. The US Defence Department keep their borders secure.

To keep the money flowing to fill the accounts of their sovereign investment funds, the Middle East members of OPEC still appear to want to keep the price of oil high. The oil minister of Saudi Arabia says that he expects oil demand will go up as the end of the year approaches. Minister Ali al-Naimi told Reuters "That is what it normally does, every winter the fourth quarter is always higher than the third quarter." It does happen when it gets cold.

But, as to supply, the signal from Riyadh is that things are fine. Speaking of current oil stocks, the Saudi minister said "I think they are in a very comfortable range."

In other words, oil may be down over the last week or so, but it is not going to continue that way.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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