{"id":51126,"date":"2015-08-08T23:00:30","date_gmt":"2015-08-08T23:00:30","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/saudi_arabia_may_go_broke_before_the_us_oil_industry_buckles\/"},"modified":"2017-12-07T05:05:12","modified_gmt":"2017-12-07T10:05:12","slug":"saudi_arabia_may_go_broke_before_the_us_oil_industry_buckles","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=51126","title":{"rendered":"(Tel.) Ambrose Evans-Pritchard: Saudi Arabia may go broke before the US oil industry buckles"},"content":{"rendered":"<p>If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade.<br \/>\nThe contract price of US crude oil for delivery in December 2020 is currently $62.05, implying a drastic change in the economic landscape for the Middle East and the petro-rentier states.<br \/>\nThe Saudis took a huge gamble last November when they stopped supporting prices and opted instead to flood the market and drive out rivals, boosting their own output to 10.6m barrels a day (b\/d) into the teeth of the downturn.<br \/>\nBank of America says OPEC is now &#8220;effectively dissolved&#8221;. The cartel might as well shut down its offices in Vienna to save money.<\/p>\n<p><a href=\"http:\/\/www.telegraph.co.uk\/finance\/oilprices\/11768136\/Saudi-Arabia-may-go-broke-before-the-US-oil-industry-buckles.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade. The contract price of US crude oil for delivery in December<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=51126\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,50,209,149,140,168,119,203,559,34],"tags":[],"class_list":["post-51126","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-international-news-commentary","category-americau-s-a","category-economy","category-energy-natural-resources","category-ethics-moral-theology","category-globalization","category-middle-east","category-saudi-arabia","category-theology"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/51126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51126"}],"version-history":[{"count":1,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/51126\/revisions"}],"predecessor-version":[{"id":66058,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/51126\/revisions\/66058"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}