Wall Street Journal | Squeezed by Low Oil Prices, Saudi Arabia Cuts Spending to Shrink Deficit New York Times The Saudi kingdom has been spending more than it takes in, and by some estimates it could exhaust its foreign exchange reserves, now roughly $640 billion, by 2020 without deep cuts in spending, a big rise in the price of oil, or a combination of both. Crude Oil Market to Balance Some Time in 2016, Says Saudi Aramco Chairman Saudi riyal in danger as oil war escalates Saudi Arabia crushed by cheap oil - and the cuts are coming |