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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Daily Telegraph: Saudi Arabia adopts a dangerous strategy to appease its people's concern

    Rocky
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    Daily Telegraph: Saudi Arabia adopts a dangerous strategy to appease its people's concern Empty Daily Telegraph: Saudi Arabia adopts a dangerous strategy to appease its people's concern

    Post by Rocky Sat 05 Jan 2019, 1:50 am

    Daily Telegraph: Saudi Arabia adopts a dangerous strategy to appease its people's concern %D8%B5%D8%AD%D9%8A%D9%81%D8%A9-%D8%A7%D9%84%D8%AF%D9%8A%D9%84%D9%8A-%D8%AA%D9%84%D8%BA%D8%B1%D8%A7%D9%81-668x350

    [size=32]Daily Telegraph: Saudi Arabia adopts a dangerous strategy to appease its people's concern[/size]

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    [rtl]The Daily Telegraph published Saturday an analytical article on the Saudi economy, saying that Saudi Arabia had doubled its domestic spending despite low oil revenues.[/rtl]

    [rtl]Despite the volatile start of oil markets in early 2019, Riyadh insists on adopting a "dangerous economic strategy aimed at appeasing its people," said Andy Crichlow, head of energy news at S & P Global Plats.[/rtl]

    [rtl]The Riyadh budget in 2019 gives the impression that the country is ignoring the reality of oil prices, as spending will increase by 7 percent to 1.1 trillion Saudi riyals.[/rtl]

    [rtl]The budget also aims to increase total government imports by 9 percent to 975 billion Saudi riyals during the next fiscal year, according to the Saudi Ministry of Finance.[/rtl]

    [rtl]"The Kingdom will need to sell oil at a price of at least $ 84 a barrel throughout the year," he told analysts.[/rtl]

    [rtl]Few analysts, however, predicted prices would be at this level, despite an agreement by the Organization of Petroleum Exporting Countries (OPEC) with Russia and its allies to cut 1.2 million bpd of oil production starting this month.[/rtl]

    [rtl]Brent crude prices were around $ 56 a barrel this week, down about 40 percent from October.[/rtl]

    [rtl]Paul Grewwald, an international economic analyst at S & P Global Consulting, predicts a slowdown in global GDP growth this year led by the US economy, with expansion going down by about 2 percent by the end of 2019. China, the largest oil importer In the world, you will see that the amazing economic growth rates are becoming more modest.[/rtl]

    [rtl]Credit rating agencies also lowered their forecast for Brent crude prices by $ 10 a barrel to $ 55 a barrel in 2019.[/rtl]

    [rtl]Taking all these factors into account, the writer concludes that Saudi Arabia risks adopting such an expansionary budget at a time when short-term prospects for oil prices, which account for more than 70 percent of Saudi export revenues, are not very promising.[/rtl]

     

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