Sunday, April 25, 2021

"Significantly Worse" -- April 25, 2021

Re-posting Saudi Arabia's January, 2021, foreign exchange reserves post:

Wow, how many times has it been said: Saudi Arabia can't "make it' on $60 oil? More corroboration / more validation:

Link here

Foreign Foreign Exchange Reserves in Saudi Arabia decreased to 1687980 SAR Million in January from 1701209 SAR Million in December of 2020.

It doesn't matter how Saudi Arabia spins this story, this is really, really bad news. 

Remember: January is a 31-day month; February, at least here in the USA, is a 28-day month.

All things being equal, February, 2021, should be significantly worse.  

At the time I noted that January, 2021, was a 31-day month whereas February, 2021, was a 28-day month.

My last line in that January, 2021, data post:

All things being equal, February, 2021, should be significantly worse. 

So, how did the Saudis do in February?

Link here.

Wow, it certainly appears "significantly worse."  Look at February, 2021, compared to a month earlier. Ouch.

But not only that, it's the lowest in twelve months and this was at a time when the price of oil was starting to turn (?) and the global economy was improving .... except for that nasty cold spell in Texas, and most of the US for that matter.

This is incredible. I knew it was going to be bad (all things being equal) but I never expected it to be this bad. 

From the linked source:
Foreign Exchange Reserves in Saudi Arabia decreased to 1654868 SAR Million in February from 1687980 SAR Million in January of 2021.

It appears this is the lowest in recent history for Saudi Arabia.  

Two more links for the archives:

The Line, Saudi Arabia;

The Line (Arabic: ذا لاين‎) is a proposed smart city in Saudi Arabia in Neom, Tabuk that will have no cars, no streets, and no carbon emissions.

The city is part of Saudi Vision 2030 project, which Saudi Arabia claims will create 380,000 jobs and add $48 billion to the country's GDP.

Foreign investment in Saudi Arabia hits milestone: SR2 trillion ($0.5 trillion):
  • recent announcement: Saudi Arabia's infrastructure program: SR 27 trillion ($7 trillion) over the next ten years
  • The Line, as well as clean and renewable energy projects;

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