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The Once & Future Petro Kings.

Newsweek International

| April 08, 2002 | Dickey, Christopher | COPYRIGHT 2002 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The kings of oil are the Saudis, now and until the wells run dry. Of late the sheiks have been cast as the wobbling heads of a withering oil cartel, weakening next to a rising Russian petro power, as Iraq waits in the wings to usurp their place in Arabia. Dream on. There's some truth to the image of a declining desert monarchy: Saudi oil clout is not quite as absolute as it used to be, and the proliferating Saudi people are less prosperous. But there are some basic facts on the ground, and under it, that just can't be ignored. The Saudis not only sit on the greatest share of global reserves, they are also the only nation with so much spare production capacity they can ...

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