In 2015 the average price of crude oil was $49 a barrel and Saudi Arabia lost 25% of its gross domestic product or one hundred and fifty billion dollars. So far in 2016 the average price of crude oil is $29 a barrel and Saudi Arabia could stand to lose another hundred billion dollars. However, their actions hardly seem like a country who the International Monetary Fund (IMF) has quoted as saying, “if oil prices stay in the $40-$50 a barrel range Saudi Arabia will be bankrupt in 4 to 5 years”.
Before Saudi Arabia could be bankrupt most of the rest of the 12 oil producers in the world would have long since been in bankruptcy. Some OPEC nations like Venezuela are on the verge and are expected to go into bankruptcy by the end of 2016. The battle over a world domination of oil has four players, Saudi Arabia, Iran,…
