Related Articles
Report
Forward article link
Share PDF with colleagues

Saudis sticking to oil marketing strategy

Despite downturn, Riyadh is confident enough to play the long game

Crisis? What crisis? If Saudi policy makers are spooked by the sharp downturn in global oil prices, they aren’t showing it. The first action the newly crowned King Salman bin Abdulaziz took on succeeding his half-brother Abdullah in January was to spend a cool $30 billion giving subjects a two-months salary bonus. That comes just a month after the Saudi budget forecast a deficit of $39bn for 2015. For most Opec producers, especially those outside the Gulf, such largesse is unimaginable. But with about $750bn in financial reserves, the kingdom is not breaking sweat. This is a far cry from the 1990s, when Saudi Arabia was last hit by low oil prices. Then, after many years of price softness, t

Also in this section
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors
China loans make Venezuela’s outlook more precarious
12 July 2018
Patience is wearing thin among both China and other trading partners