Wednesday, March 9, 2016

Oil: Pakistan Prime Minister and Army Chief of Staff Join Egypt's Al-Sisi In Saudi Arabia

WTI is at $37.92 up $1.42 but decidedly below yesterday's high-for-the-run: $38.39.
We've assumed a geopolitical risk premium has been priced into world markets because of the presence of the 20-nation, 350,000 troops war games going on at Syria's southern border courtesy of the Saud clan.
With the mobilization expected to wind down starting tomorrow that risk premium should drop.

First up, Gulf News:

Northern Thunder to be concluded on Thursday
Saudi king and other regional leaders expected to oversee closing of military exercises
Northern Thunder, the largest joint military manoeuvres to be held in the region, will be concluded on Thursday amid expectations that Saudi King Salman Bin Abdul Aziz and other leaders will attend the final exercises.

The manoeuvres in northern Saudi Arabia were launched in the middle of last month with the participation of 20 Arab and Islamic countries, including the six member states of the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — and the Peninsula Shield, the military arm of the GCC.

Organisers said the international drills have been highly successful at the strategic, operational and tactical levels.

The participating forces have also succeeded in carrying out the second largest mobilisation of multinational military forces since Operation Desert Storm in 1990-1991.

The participating countries are Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman, Jordan, Senegal, Sudan, Maldives, Morocco, Pakistan, Chad, Tunisia, Comoro Islands, Djibouti, Malaysia, Egypt, Mauritania, and Mauritius.
And from DailyNewsEgypt:

Al-Sisi to attend final day of Raad Al-Shamal military training in Saudi Arabia
The manoeuvres included joint trainings on facing prospective threats in regular and irregular warfare
Egyptian president Abdel Fattah Al-Sisi will attend Thursday the final day of Raad Al-Shamal (North Thunder) military training exercise in Hafr Al-Baten in the northern military district of Saudi Arabia.

The manoeuvres included joint trainings on facing prospective threats in the context of regular and irregular warfare. Several Arab armies cooperated in these trainings to achieve their goals.

Egypt was keen to participate in such manoeuvres owing to its role in enforcing the security of the Arab region, read a statement from the Egyptian presidency....MORE
Finally, from Pakistan's Express-Tribune:
PM, army chief arrive in Saudi Arabia