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Saudi Arabia Can Endure Cheap Oil for 8 Years
A former senior advisor to Saudi Arabia's petroleum minister tells BBC News the country has the financial reserves to cope with at least eight years of low oil prices.
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A former senior advisor to Saudi Arabia's petroleum minister tells BBC News the country has the financial reserves to cope with at least eight years of low oil prices.
Saudi Arabia, the largest member in the Organization of the Petroleum Exporting Countries, has emphasized it will defend its market share by continuing to pump crude at the same rate regardless of the price.
Advisor Mohammed al-Sabban tells BBC the country is reducing government spending to bolster its already "huge" financial reserves. Even without cutbacks, Saudi Arabia could weather four years of cheap oil, al-Sabban says. He comments that continued low prices will benefit large petroleum suppliers by forcing marginal producers out of the market.
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