Saudi Arabia May Have Just Shot Itself in the Foot

Another Saudi official is trying to downplay the kingdom's expanding deficit - as their problems get worse... On Saturday, Foreign Minister Adel al-Jubeir maintained that the current situation was manageable. He was speaking at a conference in Manama, the capital of neighboring Bahrain. The situation, of course, has been sparked by two Saudi-led decisions within OPEC. The first was to defend global market share by keeping production high (a move made last year while Americans were sitting down to their Thanksgiving turkeys). That started a downward slide in global oil prices. The next move involved Riyadh opening the spigots on production, further exacerbating the pricing decline. At the time, I noted the Saudis had no choice, given events unfolding elsewhere in OPEC. Today, I'll show you why the wealthiest OPEC nation's situation has gotten worse - and look at the two recent developments that could accelerate the problem... Tags: oil 2016 , oil market , oil price , Oil Prices , OPEC , OPEC oil , price of oil , Saudi Arabia , saudi oil To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2015 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201. The post Saudi Arabia May Have Just Shot Itself in the Foot appeared first on Money Morning - We Make Investing Profitable .
Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.