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Sunday, 23 October 2016

'We're Doomed To Bankruptcy Unless Changes Made,' Says Saudi Official

'We're Doomed To Bankruptcy Unless Changes Made,' Says Saudi Official:

"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."



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