January 1st, 2018 marked the day Saudi Arabia raised their price for a barrel in their first baby step to begin taking their economy off energy subsidies, as well as to reduce the amount of oil the Saudis consume. The prices went up substantially to achieve the kingdom’s goals, by 82 percent. The Ministry of… Continue Reading
Tag Archives: oil prices
S&P Lowers Ratings of ME Oil Producing Countries
Due to the recent drastic decline in the price of oil, the S&P decided to lower the sovereign credit ratings of several Middle Eastern oil producing countries. The price of oil has crashed since June, with S&P cutting their forecast for average Brent oil from $105 per barrel down to $55 for 2015. An increase… Continue Reading