Saudi Stability Is Issue for World Oil, Harvard's Ferguson Says - Bloomberg Business:
"Harvard University history professor Niall Ferguson said “a lot is going wrong” in Saudi Arabia and its fiscal position is a “total mess.”
“The big question, for example, that hovers over the world oil market is the stability of the Saudi regime,” Ferguson said Tuesday in an interview on Bloomberg Television. “And if you do follow that, which I do, you start to get nervous because a lot is going wrong in that country.”
Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, two people with knowledge of the matter said last week. With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances."
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"Harvard University history professor Niall Ferguson said “a lot is going wrong” in Saudi Arabia and its fiscal position is a “total mess.”
“The big question, for example, that hovers over the world oil market is the stability of the Saudi regime,” Ferguson said Tuesday in an interview on Bloomberg Television. “And if you do follow that, which I do, you start to get nervous because a lot is going wrong in that country.”
Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, two people with knowledge of the matter said last week. With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances."
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