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Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 1:08pm On Aug 21, 2015 |
With a foreign reserve of over $700bn a year ago, Saudi reserves have dropped to $65bn forcing the kingdom to issue bonds for the first time ever to raise a paltry $27bn. To make matters worse Saudi in the midst of trying to force Shale production down by flooding the market with cheap oil still maintains the most paternalistic social services and to boot is funding an expensive sectarian war in Yemen with them not making any progress what so ever. The Saudis have to be the dumbest dumb phucks since creation. 7 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by DaBullIT(m): 1:08pm On Aug 21, 2015 |
bet why |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 1:13pm On Aug 21, 2015 |
DaBullIT: In just one year the Saudis have reduced their reserves from $700bn to less than 10% |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by Sanchez01: 1:31pm On Aug 21, 2015 |
It seems they have too many Goodluck Jonathan in their government 62 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by ZeezaRapture(m): 1:32pm On Aug 21, 2015 |
it is because of people like you America legalised the use of guns.. So you will be shot down when you post things like this bloody mofo BishopMagic: 22 Likes 1 Share |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 1:36pm On Aug 21, 2015 |
ZeezaRapture:Saudi slave. 22 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by yang(m): 1:37pm On Aug 21, 2015 |
Its not $67bn its $672bn 15 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 1:42pm On Aug 21, 2015 |
Even though I believe strongly that the US dollar will go the way of the Zimbabwean currency occasioned by the greatest collapse of the US stock market coupled with US govt debt hitting $18trillion and combined US debt at $95trn, it will make a lot of sense for the Saudis to dump the dollar but they are not diversifying but still spending as if oil is still $100. So why in God's name will the American allied Saudis be spending without control? 1 Like |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 1:43pm On Aug 21, 2015 |
yang: Did you see my chart above? 3 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by kizzybalze(m): 1:48pm On Aug 21, 2015 |
They have got a clueless one like....that man, they have also got a clueless economy manager, like that fellow that has big nose and always wears native, with her glasses. 3 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by SLIDEwaxie(m): 2:06pm On Aug 21, 2015 |
cool 1 Like |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by SLIDEwaxie(m): 2:08pm On Aug 21, 2015 |
ZeezaRapture:I guess you're a Muslim ? truth hurts though. check out Dubai....the oil was just for 25yrs..look at wot the country made out of a desert! Saudi is clueless! it is even good, all those sponsoring terrorism go siddon 12 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by tobtap: 2:16pm On Aug 21, 2015 |
lies...it fell by 65billion dollars |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:18pm On Aug 21, 2015 |
5 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by atlwireles: 2:19pm On Aug 21, 2015 |
Bishop, check your numbers it is $672B, nevertheless I agree with your stands on saudi arabia. http://www.bloomberg.com/news/articles/2015-06-28/saudi-foreign-reserves-drop-for-fourth-month-to-672-billion 6 Likes 1 Share |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:22pm On Aug 21, 2015 |
[size=18pt]Fracking is winning and Saudi Arabia loses[/size] by Gwynne Dyer on August 19th, 2015 at 3:24 PM “No one can set the price of oil. It’s up to Allah,” said Saudi Arabian Oil Minister Ali al-Naimi in May. But less devout people believe that Saudi Arabia has been trying very hard to set the price of oil—and to set it low. Moreover, it has been remarkably successful, because last week the price of oil was in the mid $40s per barrel, down from just over $100 last May. But Riyadh is not achieving its objective. Saudi Arabia, like any oil producer, likes a high price for its oil, but since it is very rich and has huge reserves it thinks long-term. Watching American oil production almost double in the past seven years, mainly thanks to the rapid rise of fracking, the Saudis could see that they risked losing their role as the “swing producer” who can raise or lower the oil price just by cutting or increasing its own production. The only way Saudi Arabia could keep that role was to drive the American frackers out of business. Production costs are secret in the oil world, but the Saudis assumed that the injection of water, sand, and chemicals into shale rock at high pressure makes hydraulic fracturing—fracking—very expensive. So the Saudi strategy is to keep its own production high in order to push the the oil price down. If the price stays low enough for long enough, high-cost producers like the frackers will have to close down. Then, once the competition had been eliminated, Saudi Arabia jacks the price back up by cutting its own production, and the glory days return. In the meantime Saudi Arabia is losing income too, of course, and oil revenues account for 90 percent of the national budget. It can live on savings for a while, but it needs a fairly quick win. It would be politically unwise to cut the lavish government spending that keeps the Saudi population happy, and the government is also involved in an expensive war in Yemen. The missing income has mostly been replaced by withdrawals from the country’s huge foreign reserves, estimated a year ago at $700 billion—but those reserves have fallen by $65 billion in the past year. The Saudis don’t want to run those reserves down too far: without them, it could not afford to play the role of “swing producer”, and would lose most of its diplomatic clout. So last week, for the first time in eight years, Saudi Arabia started selling government bonds, planning to raise $27 billion by the end of the year. The strain is starting to show. The strain of this attritional battle is also showing in the United States, where various shale oil producers have cancelled or postponed new drilling projects. But the shale producers have consolidated into bigger companies and increased the efficiency of their production processes, and U.S. oil production is actually continuing to grow this year. It is now at about 90 percent of Saudi production. The brutal fact is that the Saudis are losing this battle. When the U.S. was the biggest producer of oil, before about 1970, it was the swing producer. Within a few years, it will have overtaken Saudi oil production and will be the swing producer again. And there is nothing Riyadh can do about it. The Saudis made two mistakes. The first was to overestimate the cost of U.S. shale oil production, and assume that any price below about $80 per barrel would make it unprofitable. There are some shale oil plays for which this is true, but the costs vary wildly, according to the local geology, and can be as low as $20 per barrel. Most shale oil is profitable at $60 per barrel, and that proportion is rising rapidly as consolidation proceeds and efficiency rises. Their other, bigger mistake was to believe that victory was possible at all. When you stop production from a conventional oil well, there is a large permanent loss of flow when you restart production. The pores in the oil-bearing rock clog up, and that permanently reduces the “bottom-hole” pressure that forces the oil to the surface. Stopping production at a shale-oil site incurs no such loss, since the producers create the pressure themselves. Uncap it, and the flow resumes as before. So even if the Saudis succeeded in forcing most of the shale-oil sites to close, the shale producers would just turn the flow on again as soon as Saudi Arabia declared victory and cut production to get the price of oil back up. It will take a little more time to the Saudis to acknowledge their mistake, and they may not even be able to get the price back up to where they need it by cutting production. American production will continue to rise, and Iranian oil will probably also be coming back on the market in a big way by next year. The Saudis will stay rich, but they will have to cut their spending and they will suffer a permanent loss of influence. Their only consolation will be that Iran, which they see as their greatest enemy, won’t be able to use its oil to buy influence either. http://www.straight.com/news/512971/gwynne-dyer-fracking-winning-and-saudi-arabia-loses 4 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by alizenbohr: 2:25pm On Aug 21, 2015 |
BishopMagic: Mr., it reduced BY 10% not TO 10%. The reserves fell from 2,750,000 to 2,500,000 SAR million ... A difference of 250,000 SAR million which is 10%. 10 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:25pm On Aug 21, 2015 |
atlwireles: Look at my source http://www.tradingeconomics.com/saudi-arabia/foreign-exchange-reserves |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by tobtap: 2:28pm On Aug 21, 2015 |
BishopMagic:mr fool... check this out - http://www.bloomberg.com/news/articles/2015-06-28/saudi-foreign-reserves-drop-for-fourth-month-to-672-billion 5 Likes 1 Share |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by tobtap: 2:29pm On Aug 21, 2015 |
yang:dont mind the CLUELESS OP 14 Likes 1 Share |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:31pm On Aug 21, 2015 |
tobtap: Fool you will need to fork out more cash next time you want to visit Mt Mohammed. The Saudis want to increase revenue from Hajj. 1 Like |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by abacusCm(m): 2:34pm On Aug 21, 2015 |
BishopMagic:why are you on Hospital admission bed collecting drips and injections on another person's sickness? 12 Likes 2 Shares |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:40pm On Aug 21, 2015 |
abacusCm: Saudi slave 4 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by DaBullIT(m): 2:43pm On Aug 21, 2015 |
BishopMagic: That is what happens when you buy cars made of Gold and your pets are white exotic lions 5 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by doctokwus: 2:48pm On Aug 21, 2015 |
Another illiterate wannabe analyst. Reserves dropped TO $672b and in your illiterate mind u interpreted it to be that it dropped BY $672b. Another product of a clueless education. 23 Likes 3 Shares |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by Kx: 2:49pm On Aug 21, 2015 |
If the man down south was still in power with our foreign reserves going doing quite "naturally" under him, people would still argue that falling national reserve was a global phenomenon after Saudi with over $700bn reserves has come down too. Thank God for PMB 5 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by tobtap: 2:53pm On Aug 21, 2015 |
BishopMagic:stop been stupid and childish....ur claim was wrong and we tried to correct u...but u resort to insults...shows ur maturity ...cheers 18 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by abduljabbar4(m): 2:55pm On Aug 21, 2015 |
The op is a bastard who lacks comprehension. Do you know the difference between 'by' and 'to'? 22 Likes 1 Share |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 2:56pm On Aug 21, 2015 |
tobtap: Are Saudis reserves not falling? Even at $65bn in less than a year, isn't that cause for concern amidst low oil price? 1 Like |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by abduljabbar4(m): 2:59pm On Aug 21, 2015 |
Thats how hatred for Islam makes people to reason like monkeys. Does it concern you anyway@foolish op? 23 Likes 3 Shares |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 3:01pm On Aug 21, 2015 |
abduljabbar4: Muslim filth why e dey pain you? You be Saudi man? Slave 2 Likes |
Re: Saudi Arabia Has To Be The Most dumbest Nation On Earth by BishopMagic: 3:02pm On Aug 21, 2015 |
abduljabbar4: Muslim filth stop showing your slave tendencies here. Goat 2 Likes |
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