guess they're gonna have to sell some of those solid gold toilets...
Posted on 04/28/2016 2:24:51 PM PDT by bananaman22
The International Monetary Fund (IMF) has projected a whopping $500 billion loss in revenue for the Gulf nations in 2016, which is 30 percent more than the $390 billion lost in 2015. The massive shortfall has crippled the gulf economies, which are facing record budget deficits and seeking external funding to overcome it.
Many experts believe that $100 per barrel oil prices are history, and we might not revisit those prices for more than a decade. It implies that the recent crisis will not end as quickly as the downturn in 2007-2009. The oil-dependent nations will have to figure out how to survive on low oil prices for a long time.
“2016 is year number two in a multi-year adjustment process to reach balanced budgets,” said Masood Ahmed, director of the IMF’s Middle East and Central Asia Department. Likewise, The Wall Street Journal reports that “Probably another four to five years of action will be needed both on spending and on revenues before reaching a comfortable fiscal situation for many countries.”
(Excerpt) Read more at oilprice.com ...
I laugh at their tears.
Less money to open (more) Muslim Brotherhood centers, er, mosques, in the Land of War.
Granted that would cause the cost of money for development to rise, but it also might stimulate some borrowers to move to lock in rates before they would have time to rise.
The success of fracking has shown the world that the United States can outproduce the Saudis any time it wants to and crash the price of oil. The rest of world’s nations won’t take the Saudis’ and OPEC’s threats and extortion seriously any more.
May more disasters rain on the vile Opecker Princes!
guess they're gonna have to sell some of those solid gold toilets...
Expect the price of mega yachts and real estate on the Cote d’Azur to plumet.
Let them eat sand.
May the fleas of a thousand camels infest their nether regions.
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