Oil at $90 (or more).
Saudi Arabia's foreign exchange reserves decreased to 1,707,639 SAR million in December, 2021, from 1,741,516 SAR million in November, 2021.
Years ago we suggested Saudi Arabia needed $100-oil to meet its budget. No one talks about that any more.
But it appears at $90+ oil Saudi is unable to grow its foreign exchange assets account. Imports must be costing more. Imports like: food, cars, clothes, computers, cellphones, food, jewelry, bottled water, did we mention food?
Maybe that explains why Saudi Aramco is talking about another $50 billion stake sale via a new fresh share listing.
Charts released overnight, February 5 - 6, 2022:
From a post late last week:
Saudi Arabia: inshallah. Read the social media responses from Saudi Arabia in the thread the link. Baghdad Bob is reporting.
