Thought you might enjoy this...ping.
Uh oh, is this going to affect their mosque-building budget in Germany?!
Oh, dear. Will the Saudi princes have to cut back?
>>Continued low oil prices and the war in Yemen have hit Saudi Arabia’s budget<<
Well perhaps they’ll have to sell a few Mercedes and a palace or two.
Not feeling sorry for the rag heads....at all. They’ve taken advantage of American middle class for decades.
The Saudis’ are the ones who refuse to cut production.
I believe they are trying to put the Fracking producers out of business.
With the current wacko administration they may think if they keep the price low now, the crazies will outlaw fracking.
Well the solution is obvious. They need to import a couple hundred thousand Syrian refugees. They’ve got that big tent city all set up right by Mecca.
L
Gold toilet futures are down.
Saudi ‘to borrow to finance soaring deficit’, says report
8APR2015
http://www.dailymail.co.uk/wires/afp/article-3030265/Saudi-borrow-finance-soaring-deficit-says-report.html
Although Saudi Arabia has low costs of production, they have used oil money to spread around and buy social stability. They need oil above $100 a barrel in order to pay for their social spending. If they cut social spending they risk civil war and the end of the monarchy. If they don’t slash social spending they will dry up their foreign reserves and overseas investments and backrupt themselves. They are in quite a pickle.
Poor babies. 😜
The partial liquidation of oil exporter investment portfolios is probably one reason that US stocks have been trending sideways for a while now.
Good. They deserve something for having their citizens fly those planes into the Towers , PA and the Pentagon. I hope they lose all their money and go back to eating camel dung.
