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Camels are seen beyond an oil well near the Khurais oil facility in an area where operations are being expanded, about 60 miles southeast of Riyadh, Saudi Arabia.

(AP Photo)

Analysis & Opinions - Reuters

Determinants of a New Saudi Oil Policy

December 2, 2014

After OPEC's announcement last week that it would not be cutting production, oil prices fell dramatically. Given the significant global oversupply due to the U.S. shale oil boom and decreased demand in China and Europe, this decision marks an historical moment in which OPEC relinquishes its supply-based approach to price manipulation and embraces a market-based approach. Wisely, the organization has shown that it is aware it can no longer dictate oil prices by attempting to control the market.

As the leader of OPEC, Saudi Arabia is the engineer of this new approach. Indeed, at the OPEC summit the kingdom blocked calls from OPEC and non-OPEC producers, such as Russia, Venezuela, Mexico and Iran, who were urging production cuts in the hopes of raising prices in order to stabilize their oil revenues. It is important to understand why Saudi Arabia is so staunchly advocating this new market-based approach.

U. S. President Barack Obama is ushered by Chinese President Xi Jinping during a welcome ceremony at the Great Hall of the People in Beijing, China on Nov. 12, 2014. US and China agreed to take an action against climate change will cooperate military and

AP Images

Analysis & Opinions - The Boston Globe

Obama's revival in foreign policy

| November 19, 2014

It is far too early to count out President Obama as a foreign policy lame duck.

During last week's successful Asia trip, Obama and Chinese President Xi Jinping announced an important Climate Change agreement along with technology, visa and military transparency deals. This is a welcome sign that the US and China are capable of taking on tough challenges together.

But, there are other international obstacles ahead for Obama. Can he face down Vladimir Putin on Ukraine and find a way to reach a deal with Iran to block its nuclear ambitions?

Are we witnessing an Obama revival on foreign policy?