Saudi Arabia’s Delusion

Saudi Arabia’s Delusion

Saudi Arabia is banking on using the low oil price environment to advance major economic reforms. At Davos earlier this year, Khalid al-Falih, Saudi Arabia’s then-health minister and now oil minister, stated that oil below USD 30 per barrel could help boost reforms and restructure the economy, making the government more efficient and encouraging the development of the private sector. He declared, “Those transitions sometimes take...

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