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Oil-Price-down

Saudi Arabia’s $750 Billion Gamble Drives Oil Below $54 per barrel

With oil prices falling on January 6, 2015 below $54 a barrel, the decision by Saudi Arabia not to cut oil production despite its record $38.6 billion deficit has bewildered oil markets. The Kingdom is said to have accumulated $750 billion in foreign currency reserves which it is reportedly willing to put on the line in its global campaign of not being the only swing state responsible for stabilizing oil prices.