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quote:

Peett schreef op 31 januari 2016 23:14:

Saudi Arabia struggles to cope with cheap oil
Nicholas Wells | @wellsangels
9 Mins Ago
CNBC.com
Workers drill at the Saudi Aramco oil field complex facilities at Shaybah in the Rub' al Khali desert in Shaybah, Saudi Arabia. (File Photo).
Reza | Getty Images
Workers drill at the Saudi Aramco oil field complex facilities at Shaybah in the Rub' al Khali desert in Shaybah, Saudi Arabia. (File Photo).
Saudi Arabia has managed to buy itself a couple of months.
The global rout of oil prices is taking its toll on the kingdom's bottom line. The country has been forced to cut government spending in its upcoming budget and increase production of crude oil—even though its hardly worth pulling it out of the ground.
Still, the world's largest producer of oil appears on a crash-course for bankruptcy as early as of 2018, according to a new Big Crunch analysis.
Many oil-dependent nations are having to dig deep to balance budgets, with crude oil fetching so little on the global market. Money-rich nations like Qatar and Kuwait look to be getting by, while poorer nations like Libya have descended further into strife and civil war. Oil would need to be selling for $269 a barrel for Libya to balance its budget, according to the IMF.
Read More'Urgency' for oil exporters to adjust spending: IMF
Saudi Arabia is somewhere in between: A stable nation with a sizable backup of reserve assets, somewhere around $624 billion as of December. But much of that stability is bought with government jobs and generous public spending and with falling oil prices, the country has had to dip into its reserve assets to make up the difference.

Of course, the analysis depends on no major economic changes or events effecting Saudi Arabia. It also assumes oil prices remain low, which experts consider likely for the time being.
CNBC looked at the country's finances back in August, when oil swung between $48 and $41 a barrel. It had fallen a long way from its highs of $65 a barrel a few months before, but our lower estimate for its direction was way off. At the time, CNBC estimated the Saudis would be broke in August of 2018, yet that was based on oil at $40 a barrel and before they cut public spending.
The 2016 Saudi budget includes a spending cut of 13.8 percent from 2015 levels, though projections from Barclays puts that cut closer to 5 percent. Even so, the country is expected to reach a budget deficit of 12.9 percent of GDP in 2016, according to the investment bank.
In addition to spending cuts, Saudi Arabia has increased production, to more than 10 million barrels a day as of October, the latest figures available from the Energy Information Administration (EIA).
While the increased production helps to add a bit to the Saudi's bottomline, it does nothing to alleviate the glut of oil on the global market. Global production is projected to be 95 million barrels a day in the first quarter of 2016, and consumption around 94 million, according to the EIA.
The economic slowdown in China is often blamed for much of the decreased demand. On the supply side, U.S. shale producers have proved more durable in the harsh economic climate than the Saudis expected. Iran, too, has entered the oil market in recent weeks as Western sanctions have been lifted. The Islamic Republic produces about 1.1 million barrels a day and has said it wouldn't consider slowing production until its grown to 1.5 million.
Earlier hopes of a deal between OPEC nations and Russia to cut production were dashed on Friday when an unnamed Iranian official told the Dow Jones news agency that the country would not participate.
Saudi Arabia has said before that it would agree to cut production if both OPEC members and non-OPEC nations would do the same.
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quote:

't zal maar gebeuren schreef op 31 januari 2016 23:24:

[...]
Still, the world's largest producer of oil appears on a crash-course for bankruptcy as early as of 2018, according to a new Big Crunch analysis.

zo ver zullen ze het toch niet laten komen.

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De Grote Leider schreef op 1 februari 2016 00:08:

Alleen GS weet welke richting AM zal gaan

DOWN!

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Een fijn sociaal dier schreef op 1 februari 2016 08:58:

Het is klaar met AM.Dat alleen Snuf dat nu ziet is ongelooflijk.
Als je ziet dat er door een nietszeggend berichtje van Krupp,waarbij alleen gezegd wordt""ALS de situatie zo blijft we niet onze doelstellingen halen"AM in elkaar dondert ondanks imporheffingen weet ik genoeg.Er is zoveel meer aan de hand.Ik sluit een winstwaarschuwing niet uit.Alle indicatoren staan op donkerrood!

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finance2u schreef op 1 februari 2016 09:02:

[...]overdrijf je niet een klein beetje? ):

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Een fijn sociaal dier schreef op 1 februari 2016 09:10:

[...]Niet bewust iig.Hoop dat ik ongelijk krijg.
Ik zie echter niks positiefs aan de cijfers binnenkort.
Slechte markt,behoorlijke schuldenpositie en een overaanbod.EU heeft niet adequaat gehandeld(zoals het regelmatig niet doorstastend is gebleken).Ik zeg absoluut niet dat zij deze ellende veroorzaakt hebben,maar ze hadden wel enige stabiliteit kunnen bewerkstelligen op de staalmarkt.

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finance2u schreef op 1 februari 2016 09:20:

De staalmarkt is vaker hypernerveus geweest en erg gevoelig voor sentiment. Ik weet niet of er momenteel zoveel voorraad is, wel dat de productie al drastisch vermindert is en niet meer op kan tegen de vraag al is/was het nog redelijk gelijk medio december, maar uitgaande van verdere verlaging in China. Enkele jaren geleden waren er ook zoveel berichten in de media over gigantische overschotten, veel te veel productie ten opzichte van de vraag....en echt INEENS draait dat TOTAAL om! Puur bedrog...zoek maar een de voorgaande 2 periodes op op internet waarin de staalproductie hoger was dan de vraag...je staat met stomheid geslagen wat diverse analisten riepen die gewoon totaal niet klopten ( over olie nog maar te zwijgen, hoewel daar dan nog een schalierevolutie moest komen, hoewel ook overschat ten opzichte van huidige prijzen onrendabel)