What does it mean when Iran says it will begin injecting gas into centrifuges?
It means that they're taking one further step, the most significant so far, to break their own commitment to the Iranian nuclear deal. Keep in mind, the Americans pulled out well over a year ago. And with new sanctions, the Iranian economy is contracted this year by almost 10 percent. So, they're pretty angry about it, and they're lashing out. That's where we are.
Will Saudi Aramco's IPO succeed?
It probably will, because they're actually taking their target price from two trillion, which the markets never believed. That's the high end of the Goldman Sachs estimate. Other banks said: "No way. Closer to 1.2 (trillion), 1.4 (trillion), 1.5 (trillion)." They're showing flexibility and they're going to give benefits to the Saudis that buy shares if they hold them for six months, some 10 percent bonus, something like that. On balance, you think it will succeed, but whether that means that Saudi Arabia will actually start diversifying their economy away from energy, that is a much higher bar.
What happens to the Paris climate accord now that the U.S. has formally withdrawn?
Nothing. Everyone else is still with it. In fact, additional countries have joined since the Americans said they'd pull out. Let's keep in mind that even though they're formally saying they're withdrawing, they aren't withdrawn until the day after Election Day in a year's time. Which means if Trump loses, when the next president comes in, almost certainly will re-sign the Americans into the Paris climate accord. If he wins again, the Americans are out. But hundreds of mayors, 25 governors at this point, and also CEOs in the United States say they're still committed. So, on balance, it is less of a fall apart than you would have otherwise expected.