Saudi Arabia may have started this price war, but now they are like a helpless whale stranded, they have lost control of market prices. There is no easy exit for the Cincinnati and this one belongs to the reds shirt Apart from…,I will love this Saudis who have played without thinking too much. One option for Saudi Arabia is to reduce oil production and expect prices to rise. Prices will eventually recover to previous levels, but shale oil producers will also return in record numbers. This will also lead to other countries pooling their market share. Sanctions against Iran have also been eased and Iran will add another million barrels to the oil market. The Iranians want to harm the Saudis further by supplying more oil. The other option is to be patient and see what happens. Patience is a very expensive undertaking. Saudi Arabia could run out of money long before it runs out of patience. So things are not going well for Saudi Arabia.
Another option would be to borrow money. Borrowing money saves them from having to dig into foreign exchange reserves, but that doesn’t change the Cincinnati and this one belongs to the reds shirt Apart from…,I will love this fact that the government has no way of filling the huge budget gap. Saudi Arabia’s foreign exchange reserves may be large, but so are its people. If you calculate foreign exchange reserves per capita, they are comparable to Jordan or Thailand. Saudi Arabia’s economic growth over the past decades has been fueled by the oil dollar.
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