Wednesday, August 26, 2015 11:30:43 PM
And this was with prices much higher than today and before the war in Yemen is really factored in. Their monthly deficit is probably substantially higher now. Though they can pump oil for about 15.00 a barrel, they have social spending of 75.00+ per barrel.Any cuts to social spending would result in the over throw of the royal family. So in reality they need between 90.00-100.00 a barrel to stay afloat long term. They are living off reserves right now.
http://www.nytimes.com/2015/08/25/world/from-venezuela-to-iraq-to-russia-oil-price-drops-raise-fears-of-unrest.html?_r=0
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