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PostPosted: Tue Dec 29, 2015 11:51 am 
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Location: Rockin the Bakken
http://www.bbc.com/news/business-35188807

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Saudi Arabia's stock market has fallen sharply after it announced public spending cuts and rises in tax, fuel and energy prices in 2016.
The country's main stock index fell 3% in the opening 15 minutes of trade with petrochemical firms worst hit.
Saudi Basic Industries, the biggest petrochemical producer, tumbled 8.3% while Saudi Kayan lost 4.8%.
Saudi Arabia's budget deficit soared to $98bn (£65.7bn) this year on the back of falling crude prices.
In the first budget under King Salman, the kingdom said revenues reached 608bn riyals (£108.7bn; $162bn), down 15% on official expectations.
Spending for the year hit 975bn riyals, some 13% more than forecast.
To help make up the shortfall, the country's finance ministry said it would cut subsidies for fuel.
Petrol prices could in some cases increase by as much as 50%, authorities said, although they will remain low by international standards.
Diesel, electricity and water prices will also increase.
King Salman said the budget came "in light of the decrease in oil prices, the economic and regional and international financial challenges - where global economic growth has declined from its previous level - and the lack of stability in some of the neighbouring states."
Oil revenue
Oil prices have plunged from a five-year high of $125 a barrel in March 2012 to just $37.18 now.
Saudi Arabia said that oil revenues, which make up 77% of the total revenue figure for 2015, are down 23% compared to last year.
It is the largest member of the Opec oil-producing cartel and has refused to cut output in order to raise prices in an attempt to put other producers - mainly US shale oil companies - out of business.
Saudi thinks it can withstand low oil prices for longer than US producers, many of which are small, heavily-indebted firms.
Spending on military and security projects reached 20bn riyals in 2015, Saudi Arabia said, following its intervention in Yemen as well as action against militant group Islamic State.
The majority of the increase in overall spending was on salaries to civil and military Saudi employees.


Summary: Saudis pumped the shit out of their oil wells and sold a bunch for a loss, and now low oil prices mean less revenue for the country. They compensate by raising utility rates and taxes. I would say they learned economics from Barry Oblammy, but they also intend to cut spending so maybe they learned economics from GW Bush instead.

Suck a three dick popsicle, sand noggles. Quit fucking with global oil supply just to measure oily penises with the rest of the world.

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PostPosted: Tue Dec 29, 2015 12:16 pm 
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Location: You wife, your woman on the side, and your mother.
Maybe they can die for their Allah for their troubles when everything falls down...after all, there are 72 virgins awaiting them...however...
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PostPosted: Tue Dec 29, 2015 3:25 pm 
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Location: They cant see what they see.
Considering they are on Irans to do list, i think good things are about to happen.

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PostPosted: Thu Dec 31, 2015 4:56 am 
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So what's the first quarter of American Oil industries looking like? Is it going to get worse before it gets better or is gone as low as it will for now and look up for the second half of the year?


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