Pandemic, Oil Prices Force Saudis to Take Painful Economic Steps

Saudi Arabia has been hit by a double whammy – the COVID-19 pandemic and a plunge in the price of oil – with one analyst saying the crisis could bring down the kingdom’s economy.Demand for oil, Saudi Arabia’s life blood, plummeted as countries around the world went into lockdown to reduce the spread of coronavirus. Businesses suspended their operations, factories halted production and travel slowed to a trickle.Saudi Arabia was also involved in an oil price-war with Russia.”The collapsing oil prices and the dire outlook for energy markets has created a certain amount of worry about the future …

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HEDGE accordingly