Posted on 01/31/2016 1:17:32 PM PST by Lorianne
Kingdom faces a future of higher taxes and low fuel subsidies amid fears the world's weakest oil producers will soon begin to buckle ___ Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned.
The world's largest producer of crude oil will need to "transform" its economy away from oil revenues, which make up more than 80pc of the government's wealth, according to Masood Ahmed, head of the Middle East department at the IMF.
The Saudi monarchy has already been forced to unveil the largest programme of government austerity in decades as oil prices have collapsed by more than 70pc in 18 months.
(Excerpt) Read more at telegraph.co.uk ...
Aw, that’s a shame.
Maybe they could cut back on funding terrorists.
Maybe sell their golden toilets.
I Hope the start eating their own.
I heard MOST of their troops fighting down in Yemen are PERUVIAN or CHILEAN mercenaries...?
Wow, soon they might get so utterly desperate that Saudis might up and FIGHT FOR THEIR OWN COUNTRY...?
Possible...?
Gold-plated bath taps instead of solid gold ?
The oil producers/exporters have many many billions of dollars invested in our economy via their sovereign wealth funds.
I wouldn’t shed a tear if each and every saudi starved to death.
Well there go the gold potties.
So the plan is to price the frackers out of business?
Well, the oil will still be there as well as the technology to extract it...
Eat it you terror sponsoring muzzie ragheads.
Oh wait, the leftist DEMS told me we can’t drill our way out of our energy problems.
Sorry Saudis i apologize.
As hideous as the Saudi regime appears to western eyes, it is a bastion of stability in a political sea of quicksand. If they fall the levels of barbarity will be like the sun compared to a campfire. We had better pray they hold on and eventually evolve into something better.
I would give them only a fifty-fifty chance of surviving 20 years and a zero chance of making it to fifty years. This is one reason we need to increase oil production in the US.
Couldn’t happen to a bunch of nicer guys.
LOL!!! Coffee all over my IPAD!!!!
OMG, down to one Ferrari in the garage.
Hope the vaunted House of Saud goes to way of those many floating turds down the Gangies river
I still remember the Saudi sponsored oil crisis that they started in the 1970’s. My heart is ‘really’ bleeding for the muzzie perps.
When they “transfer their economy away from oil” they’ll probably go back to the old staples of slavery and prostituting camels.
Oh right.
I wonder how this is related to the Iowa caucuses
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