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Sunday, February 6, 2022

Inshallah -- February 6, 2022

Oil at $90 (or more). 

Link here.

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.

2 comments:

  1. Saudis need to drill baby drill to offset declines in well output.

    ReplyDelete
    Replies
    1. At this price it speaks volumes why they are not drilling.

      Delete

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