As the world’s leaders meet in London to seek ideas and funds in order to prevent a systemic collapse of the global economy, many eyes have turned to Saudi Arabia as an obvious source of cash.
The kingdom’s contribution to rescuing the global financial system has been far from negligible. It is investing more than $70bn to bring its oil production capacity to 12.5m barrels a day by the end of this year.
More than 40 per cent of the new total capacity will remain unused so that global consumers can tap into it at a later stage. Saudi Arabia’s current control of production capacity makes Tehran and Moscow, to name but two, completely dependent on its adjustments.
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