By: Economic & Finance Report
Saudi Arabia has been shortening its dependence on crude prices, even though they have been increasing the production of oil. Saudi Arabia’s budget for next year adheres to 70% of crude revenue.
The Saudi Arabia budget is the first budget in approximately a decade in which oil prices are less then $50/barrel. The truth of the matter is that the Saudi government is ready to face the reality of a declining of oil revenue an d so they have formatted their budget to be indicative of this. -SB
BY ECONOMIC & FINANCE REPORT
The Jordanian kingdom has stopped a business deal worth approx $15 billion dollars for Israel’s oil and gas supply, reported by the Jordanian Ministry of Energy and Mineral Resources.
Instead the Jordanian govt has stated that it will sign a mega gas/oil production deal with BG Group PLC, which is located outside the Gaza strip. The previous deal which has now been suspended; was with giant Israel based oil and gas company, Noble Energy (NBL). The deal was supposedly worth north of $15 billion dollars.
Jordan is doing this deal with tje BG Group PLC because of the halting of the gas/oil pipeline in Egypt, which affects the region especially Jordan directly. There has been constant pipeline bombings in Sinai, Egypt disrupting the production and output in the region.