₦airaland Forum

It’s common knowledge for anybody that follows international news that the more than two year long roil in global oil markets has caused pain across the oil sector, with little immunity offered.

Oil majors have lost billions, globally over 350,000 layoffs in the oil sector have ensued – while oil producing nations, ranging from U.S. shale oil producers, to various OPEC members, to the world’s largest oil producer Russia – have felt the pain.

Saudi Arabia, once thought immune to any prolonged downturn in oil prices, has also felt the pinch as prices have trended downward from $115 per barrel in mid-2014, to dipping into the $20s-range in January and now hovering in the high $40s to low $50s range.

The kingdom ran a record high budget deficit of $98 billion last year with an estimated $87 billion forecasted for this year. Low oil prices have hit Riyadh’s state coffers so hard that it offered it first international bond sale last week worth $17.5 billion, in efforts to bring in much needed cash.

In order to reign in expenses, the government has done what was once thought unthinkable – cutting costs and expenditures. At the beginning of the year, Saudi state media reported that the Finance Ministry would cut spending, adopt new taxes and reduce price subsidies for fuel, water and power.

http://www.forbes.com/sites/timdaiss/2016/10/23/we-are-doomed-to-bankruptcy-unless-changes-made-says-saudi-official/#29bd92194471

SamuelAnyawu:
Okay
Observing to see how zombies will use Saudi as an excuse for Buhari's underperformance

Mynd44:
When they were flooding the market with cheap oil in other to mess up Iran, it seemed like a good idea.

Congratulations Saudi Arabia, you played yourselves

These jokes write themselves

Mynd44:
When they were flooding the market with cheap oil in other to mess up Iran, it seemed like a good idea.

Congratulations Saudi Arabia, you played yourselves

These jokes write themselves