Saudi Arabia Faces Potential Deficit on Oil Decline

September 19, 2024/in /by Rudolf Huber

The problem is way more serious than many think. If we apply the inflation rate, the current 71 USD Brent is like 49 USD Brent in 2009 Dollars. So oil prices are actually on the very low side. I have seen more than one prediction saying that we will wade far into the 3-digit territory many years ago and many other such predictions since. But it’s not so much the effect of subsidized green energy sources but much more the current shape of the dominant economies. First of all the wunderkind China has lost its luster. We are going into a depression and this means less oil is needed. For a while.

Saudi Arabia's current account balance is set to flip into deficit as oil prices decline and imports related to huge projects meant to transform the economy rise.

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