By SR Srocco – Re-Blogged From http://www.SRSroccoReport.com
The low oil price continues to wreak financial havoc on the largest oil producer in the Middle East. While the Mainstream press has published articles forecasting a rebound in Saudi Arabia’s financial outlook, due to higher oil prices this year, it seems like the Kingdom’s problems are just beginning.
In order to make up for falling oil revenues, Saudi Arabia has been liquidating its foreign currency reserves at a pretty good rate over the past two and a half years. I discussed this in my article, Bankrupting OPEC… One Million Barrels Of Oil At A Time. In that article I published this chart: