CNBC | Can Saudi Arabia Survive With Oil Below $60? OilPrice.com It's been a strange few years for the Kingdom of Saudi Arabia, as its endured budget deficits for the first time in its modern history, stagnation in oil prices and rising competition from other OPEC members and the American shale boom. Recently, talk ... US crude settles at $51.08, down nearly 2.7% on prospect of rising US shale production Oil trims loss as OPEC's Barkindo says he sees 'tremendous effort' to cut output Opec needs output cuts to balance oil market |