Declines in Oil Prices Weighs on the Saudi Economy
The decline in the demand for oil and oil products around the globe has harmed the Saudi Arabian economy. The spread of COVID-19 throughout the globe has created uncertainty which is expected to generate the first contraction in global oil demand growth since 2009. The contraction in the demand for petroleum has spilled over into the Saudi economy which is the world’s largest crude oil exporter. As demand began to contract in April the damage was increased following the initiation of an oil price war by Prince Mohammed bin Salman which precipitate a crash in the price of oil through $20 per barrel. Saudi Arabia has also budget constraints and austerity which will make an economic rebound more difficult.
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