Saudi Arabia is Losing Its Bet
This article was published by The McAlvany Intelligence Advisor on Friday, October 23, 2015:
A month after OPEC decided in November, 2014 to keep pumping oil, columnist Nathan Vardi, writing in Forbes, said that “Saudi Arabia is making a massive $750 billion bet in 2015 that the oil kingdom can endure lower oil prices longer than other oil producing countries … including [the US].”
It now turns out that the bet was much larger, and it’s going against OPEC. According to Bloomberg, Saudi Arabia is being forced to delay paying its government contractors as those lower oil prices, which declined faster and more sharply and are staying down longer than expected, are pushing the country further into deficit. This is on top of th
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Source: http://lightfromtheright.com/2015/10/24/saudi-arabia-losing-its-bet/
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