Drop in oil prices and hit from coronavirus are exposing unwise policies and raising fears of a plunge into violence
Middle East Eye: Nearly two months ago, before the global spread of the coronavirus, Riyadh made a bold gambit to slash oil prices.
The Saudis knew it was going to hit their bottom line – their break-even oil price to balance the budget – but they did not foresee such a dramatic slump in demand as the global economy ground to a halt.
Economists described the impact on Middle Eastern economies as a “dual shock”.
Last week, West Texas Intermediate (WTI) oil, the US benchmark for the commodity, entered negative price territory for the first time in history, economically impacting Gulf oil producers yet again, albeit in a lesser, but third shock.
“When it became clear how bad the pandemic was, they [the Saudis] expected it to go from bad to worse, but it went from worse to terrible as they didn’t see last week’s move,” Mike Lynch, from US consultancy Seer Energy, told Middle East Eye.
To read the rest go to: https://www.middleeasteye.net/news/dangerous-crossroads-gulf-rulers-peril-economic-shocks-continue
The Saudis knew it was going to hit their bottom line – their break-even oil price to balance the budget – but they did not foresee such a dramatic slump in demand as the global economy ground to a halt.
Economists described the impact on Middle Eastern economies as a “dual shock”.
Last week, West Texas Intermediate (WTI) oil, the US benchmark for the commodity, entered negative price territory for the first time in history, economically impacting Gulf oil producers yet again, albeit in a lesser, but third shock.
“When it became clear how bad the pandemic was, they [the Saudis] expected it to go from bad to worse, but it went from worse to terrible as they didn’t see last week’s move,” Mike Lynch, from US consultancy Seer Energy, told Middle East Eye.
To read the rest go to: https://www.middleeasteye.net/news/dangerous-crossroads-gulf-rulers-peril-economic-shocks-continue
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