Can Saudi Arabia's bold reforms cure growing financial woes?
It has been a dramatic week for the Saudi economy: the country has slashed public spending, and rowed back from its 18-month policy of pumping out oil at near maximum levels by reducing daily production by 350,000 barrels.
Oil prices jumped 5% at the news, a market overreaction to be sure, but nevertheless a welcome development for producer states. They need to see a turnaround in their government revenues which have been depressed for the last 18 months.
But the kingdom's shift in policy indicates that not all is well financially. Indeed the Saudi attempt to maintain market share through... read more
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