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404
error


Registered: 08/20/10
Posts: 14,539
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Saudi Arabia to run out of cash within 5 years says IMF
#22434399 - 10/26/15 12:30 AM (8 years, 3 months ago) |
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http://money.cnn.com/2015/10/25/investing/oil-prices-saudi-arabia-cash-opec-middle-east/index.html?sr=twcnnbrk102515oilpricessaudiarabiacashopecmiddleeast512pStoryMoneyPhoto
Quote:
Saudi Arabia is getting squeezed
Saudi Arabia, the world's largest oil producer, needs to sell oil at around $106 to balance its budget, according to IMF estimates. The kingdom barely has enough fiscal buffers to survive five years of $50 oil, the IMF said.
barrels of oil are going for about 45$ down from 100 last year. what caused oil to go down this year anyway? i can only hope that it pretty much stays that way personally. 4 bucks for a gallon of gas is awful
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Chakanooga
Always Lmao



Registered: 04/24/15
Posts: 2,710
Loc: Wonderland
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: 404]
#22434481 - 10/26/15 01:11 AM (8 years, 3 months ago) |
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Sounds like a Call To Arms.
-------------------- Official: Facemelter HyperspaceTraveller NostalgicGamer
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abltsandwich
JFK = Jelly Donut




Registered: 06/16/09
Posts: 11,537
Loc: Dildoville
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Chakanooga]
#22434538 - 10/26/15 01:51 AM (8 years, 3 months ago) |
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Wasn't it the Saudis' plan to drop the price of oil on their end to hurt the American oil production?
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404
error


Registered: 08/20/10
Posts: 14,539
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: abltsandwich]
#22434547 - 10/26/15 02:02 AM (8 years, 3 months ago) |
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that's what i thought as well... looks like it backfired
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makaveli8x8
Stranger

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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: 404]
#22434555 - 10/26/15 02:11 AM (8 years, 3 months ago) |
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maybe they are liquidating and going to switch over to solar panels instead
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  We were sent to hell for eternity Ø h® We play on earth to pass the time Over-population the root of all Evil-brings the Elites Closer to the gates.
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404
error


Registered: 08/20/10
Posts: 14,539
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: makaveli8x8]
#22434564 - 10/26/15 02:25 AM (8 years, 3 months ago) |
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i dunno how that would make sense, selling a product at half the price it's worth and losing money on it so you can invest in new tech and infrastructure?
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Le_Canard
The Duk Abides


Registered: 05/16/03
Posts: 94,392
Loc: Earthfarm 1
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: 404] 3
#22434774 - 10/26/15 06:22 AM (8 years, 3 months ago) |
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Fuck 'em. Not only do they fund many terror groups, we have new sources of oil now, They damn sure ain't our friends.
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1234go
Ban Lotto Champion


Registered: 07/08/09
Posts: 53,875
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Le_Canard] 4
#22434793 - 10/26/15 06:43 AM (8 years, 3 months ago) |
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Adden

Registered: 06/04/03
Posts: 39,201
Loc:
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: 404]
#22435047 - 10/26/15 08:33 AM (8 years, 3 months ago) |
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Quote:
404 said: i dunno how that would make sense, selling a product at half the price it's worth and losing money on it so you can invest in new tech and infrastructure?
"Emerging Asian markets"... none of that is in China... I hope oil falls on its head. Saudi Arabia isn't going to go poor or anything. OPEC is a joke anyway. We are fracking the shit out of our land just to tighten the grip on their throats.
Quote:
According to the New York Times the oil-drilling boom in the United States has increased oil production by over 70 percent since 2008 and has reduced the United States oil imports from OPEC by fifty per cent.
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CHeifM4sterDiezL
Chief Globerts


Registered: 07/28/10
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Adden]
#22435057 - 10/26/15 08:39 AM (8 years, 3 months ago) |
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whoops spent all the money on old palaces and forgot to put anything toward growing a stable diversified economy People are sick of dealing with the middle east for oil. Now that the money was there to tap other sources other sources have been tapped and at the same time europe is bankrupt and china's big hot air ballon is letting off steam and suadis are low on money. flooding the market with cheap oil in an effort to undercut everyone after bein an asshole from the start looks like is def backfiring.
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Adden

Registered: 06/04/03
Posts: 39,201
Loc:
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: CHeifM4sterDiezL]
#22435078 - 10/26/15 08:47 AM (8 years, 3 months ago) |
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Aug 20, 2015
OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil.
Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices.
Presumably swayed by Saudi equanimity, financial markets do not see the Saudis abandoning their current policy before, during, or after the upcoming OPEC meeting. CME Brent oil futures project continuity: as of August 18, 2015, CME Brent futures projected the price remaining below $60/bbl until June 2017. A CNBC poll of oil traders, analysts, and major fund investors, aired on CNBC August 17, showed 95 percent believing the Saudis will not alter course.
Are the futures market, CNBC’s oil traders, analysts, and major fund investors, and others, being lulled into an unjustified consensus?
The damage the Saudi decision has inflicted on Saudi Arabia itself provides reasons for the Saudis to change course.
Saudi Policy: OPEC-centric or Self-Serving?
Stresses within OPEC should add to the pressure on the Saudis to rethink their strategy. The Saudis sold their change to their fellow OPEC members as being in OPEC’s general interest. They asserted that the their traditional method of stabilizing the oil market, production cuts, would not work since non-OPEC producers would increase output; second, that “market” forces would reduce investment and therefore increase prices in the medium and longer term and ultimately benefit all OPEC members; and third, that any Saudi increase in output was aimed at defending its market share, not reducing theirs.
As the first anniversary of the Saudi decision approaches, it would be reasonable for OPEC outsiders–OPEC members, other than the Saudis and their Gulf Arab allies, Kuwait, UAE, and Qatar—to interpret Saudi policy shift as designed to serve Saudi interests and those of its Gulf Arab allies rather than their interests and those of OPEC in general.
“Market” forces include many components. A key component—perhaps the key component—is a country’s capability, at a minimum, to maintain output, and better yet, to increase output. Financial wherewithal is the foundation of this component. Saudi and Gulf Arab OPEC members’ foreign currency reserves and sovereign wealth funds (SWF) comprise approximately 78 percent of total OPEC member holdings, $2.73 trillion of $3.05 trillion.
The following table, which ranks OPEC members on a per capital basis, shows that only five OPEC members—four of which are Saudi Arabia and its three Gulf Arab allies--have total financial resources exceeding twenty thousand dollars per capita. (The UAE includes data for three SWF funds only: Abu Dhabi Investment Authority ($773 billion), Abu Dhabi Investment Council ($110 billion), and Investment Corporation of Dubai ($183 billion).
More here. Bank of America doesn't think OPEC is going to last, but not long ago Bank of America almost lost it all.
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KauaiOrca
Waterman


Registered: 08/12/08
Posts: 3,131
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Adden] 2
#22435096 - 10/26/15 08:54 AM (8 years, 3 months ago) |
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Islamic extremism (Saudi Arabia) is simply not compatible with long term economic success/stability. Instead of converting all that oil wealth into a diversified flourishing economy filled with innovative companies and free thinking leaders, they build the most lavish palaces, fund theologic brainwashing and pay off their population to be submissive and obedient.
-------------------- "The universe is endless, limitless and infinite. Any effort to define it's boundaries is an attempt to overcome ignorance. We are physical, mental and spiritual beings ... there is no beginning and there is no end. There is only memory. Our repeated loss of memory experiences create the illusion of beginnings and ends. Immortality is the ability to retain full memory through all consciousness transformations. Loss of memory is man's greatest curse and, in very real terms, death." -- Ancient Taoist Master
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Patlal
You ask too many questions



Registered: 10/09/10
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Adden] 3
#22435099 - 10/26/15 08:55 AM (8 years, 3 months ago) |
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Awwww, the poor Saudis....
That's what you get for having hundreds of thousands of air conditioned tents and not letting a single Syrian use them
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CHeifM4sterDiezL
Chief Globerts


Registered: 07/28/10
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Patlal]
#22435134 - 10/26/15 09:04 AM (8 years, 3 months ago) |
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The fact that analysts are saying that they arent going to defence and police funding because they are afraid of another arab spring jus shows you the state of things.
Edited by CHeifM4sterDiezL (10/26/15 09:07 AM)
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Patlal] 1
#22435139 - 10/26/15 09:06 AM (8 years, 3 months ago) |
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Quote:
Patlal said: Awwww, the poor Saudis....
that was my thought as well, now they wont be able to abandon their lamboghinis and bugattis in parking lots all over the country when they get bored with them, they'll have to resort to abandoning lotuses and mercedes
it must be terrible
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Turtletotem
Dutch Delight



Registered: 09/02/13
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Patlal] 1
#22435140 - 10/26/15 09:06 AM (8 years, 3 months ago) |
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Good, fuck 'em, inhuman pieces of decadent hicks.
They could have gone down so many paths, each with a sustainable future for their nation and their children, but they where like: Nah, fuck it, let's become even more degenerate than the Euro-American and Asian rich combined.
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Turtletotem]
#22435141 - 10/26/15 09:07 AM (8 years, 3 months ago) |
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Quote:
Turtletotem said: Good, fuck 'em, inhuman pieces of decadent hicks.
They could have gone down so many paths, each with a sustainable future for their nation and their children, but they where like: Nah, fuck it, let's become even more degenerate than the Euro-American and Asian rich combined.
I FOUND THE HIPPIE!
what do I win?
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KauaiOrca
Waterman


Registered: 08/12/08
Posts: 3,131
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: CHeifM4sterDiezL]
#22435144 - 10/26/15 09:08 AM (8 years, 3 months ago) |
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With all that Iranian oil coming to market soon, even more pressure on the Saudis ...
If the US would simply capture all that natural gas we flare every year, we've be able to supply Europe and put even more pressure on the Russians an Saudis.
-------------------- "The universe is endless, limitless and infinite. Any effort to define it's boundaries is an attempt to overcome ignorance. We are physical, mental and spiritual beings ... there is no beginning and there is no end. There is only memory. Our repeated loss of memory experiences create the illusion of beginnings and ends. Immortality is the ability to retain full memory through all consciousness transformations. Loss of memory is man's greatest curse and, in very real terms, death." -- Ancient Taoist Master
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Turtletotem
Dutch Delight



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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Prisoner#1] 1
#22435145 - 10/26/15 09:09 AM (8 years, 3 months ago) |
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I thought hippies where all lovey-dovey peace on earth, but alright, you win a nice big kiss mate.
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KauaiOrca
Waterman


Registered: 08/12/08
Posts: 3,131
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Re: Saudi Arabia to run out of cash within 5 years says IMF [Re: Turtletotem]
#22435155 - 10/26/15 09:11 AM (8 years, 3 months ago) |
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More fun on the horizon for the Saudis ...
ISIS coming to a neighborhood inside you!
-------------------- "The universe is endless, limitless and infinite. Any effort to define it's boundaries is an attempt to overcome ignorance. We are physical, mental and spiritual beings ... there is no beginning and there is no end. There is only memory. Our repeated loss of memory experiences create the illusion of beginnings and ends. Immortality is the ability to retain full memory through all consciousness transformations. Loss of memory is man's greatest curse and, in very real terms, death." -- Ancient Taoist Master
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