How Much Longer Can Saudi Arabia's Economy Hold Out Against Cheap Oil?
Saudi Arabia got lucky when the oil price fell in 1998. What about now?
OPEC or U.S.: Who Blinks First in Oil Market Flood?
This article is for subscribers only.
The oil price was near its lowest in more than a decade, cash reserves were being depleted, emerging markets were in turmoil and Saudi Arabia was beginning to panic.
“It was a very scary moment,” said Khalid Alsweilem, former head of investment at the Saudi Arabian Monetary Agency, the country’s central bank. “And luckily at that point, oil prices started going up. Not by design, by good luck.”