Markets

Moody’s cuts Saudi Arabia’s credit outlook to negative, cites oil-price shock driven by coronavirus

Moody’s downgraded Saudi Arabia’s sovereign outlook to negative from stable on Friday, citing increased downside risks to the kingdom’s fiscal strength from the oil rout. “The government’s balance sheet has weakened since the previous oil price shock in 2015-16, notwithstanding some recent improvements in budget execution, leaving the sovereign’s credit […]
Moody’s cuts Saudi Arabia’s credit outlook to negative, cites oil-price shock driven by coronavirus
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The world’s oil producers keep a massive amount of capacity in reserve. But it’s almost all in Saudi Arabia and the drone attack messed with that too.

The drone attacks on Saudi Arabia’s oil plants didn’t just halve the country’s production and send the price of oil rocketing. They also harmed the country’s spare production capacity, which can produce some 2 million barrels a day and used during emergencies. Drones hit two refineries owned by state-owned giant […]
The world’s oil producers keep a massive amount of capacity in reserve. But it’s almost all in Saudi Arabia and the drone attack messed with that too.