On oil, Saudi Arabia admits defeat

After two years of trying to squeeze out U.S. shale oil, it’s ready cut production.

Saudi King Salman bin Abdulaziz Al Saud, pictured in 2013. A royal decree late last month announced that Saudi government ministers’ salaries would be cut by 20 per cent. US Department of Defense photograph by Erin A. Kirk-Cuomo

Opinion

BY GWYNNE DYER

October 5, 2016

LONDON, U.K.—“God be with the citizens, we are back to the time of poverty,” wrote Saudi Arabian Twitter user Rayan al-Shamri last week. That’s a bit strong, but he and his fellow citizens are certainly no longer living in the time of plenty. Saudi Arabia is cutting back on all fronts. The ...

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