Relevant:
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- Saudis Said to Have Offered to Cut Oil Output; No Deal Reached
- The Saudi Arabia Debt Crisis Just Got $9.4 Billion Worse
- Bombshell: OPEC+Russia Agree to Historic Oil Production Cut, Price Spikes 10%
- Kinzer: Saudi Arabia is destabilizing the world
2016-09-28 — bloomberg.com
``The decision at this week's meeting of the Organization of Petroleum Exporting Countries in Algiers to cut production was necessitated by Saudi Arabia's tattered finances. The kingdom has the highest budget deficit among the world's 20 biggest economies, it's enduring a delay in its first international bond issue and now faces fresh legal uncertainty as the U.S. Congress voted Wednesday to allow Americans to sue the country for its involvement in 9/11.''
Inquiring minds wonder if this abrupt about-face is actually in direct response to/retaliation for the 9/11 liability legislation. Those who predicted that the legislation might herald the death of the petrodollar certainly have a giant factual point in their favor already, after a mere few hours.
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