Saudis to set strategy for era of cheap oil as red ink flows | Reuters

Saudis to set strategy for era of cheap oil as red ink flows | Reuters:

"Saudi Arabia's government is expected to announce spending cuts and a drive to raise revenue from new sources as it lays out a strategy to cope with an era of cheap oil, people familiar with Saudi policy-making said.

Markets in the world's top oil exporter are jittery because low crude prices have pushed state finances deep into deficit and so far, the government has not revealed a detailed, comprehensive plan to stem the flow of red ink.

But in coming weeks, authorities will make their intentions clearer. The state budget for 2016 is expected to be released on or around Dec. 21, official sources said."



'via Blog this'