Saudi Economic Shake-up Shows It is Planning for Cheap Oil

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ? bP=EC;S7Mg3\g&amL'+hF;3L4hk#"2~)1E3b@3@XL 1JT>`&)hqE?mb)ؤ1 E.(%Z\QmQmQmQL%Q@Š)h )&( "SSqELsN JZ!ib b(sKv1INB)RP!(4Q@Z( %-bbR(1F)hCh)Դ f(;PbRb 1K(SE:PRR\P11Gz:RJ=N)(c54o9Qm|gRV-eZBHsD9W10+5m` 6øzTC J[[kpkR Hᚖ[X9ϨF4N2q.eUll=hfIL˸]UYF2 lLAk tҕ9+i)iZ6Q~lEKN4bSIn)qN?'jq'j)ا AP݁&!"*zFߕFT IʕjE@:۩M'$r1W!)#qҟ0JSKwIc,@1ca'$rDLSFzhJuBg UMzb$įZkTdSFަ8v" s֬bS E.(%ъ(b GjZ())b1N!SbS)ؤ%6R9EmP4 )RbE;i)ؤ;Rbn8Q.MRQp)qF)Ǵ*bc^Bj]ǽCW-Jď&F*#'z(J½bS:PEH D\r5-ΆF;P x5,fw"c!zrLw4fEM">nɟy9#CRIݶ!j1'iն$1P}­%4ij'= (yU8f!ɺ\?pڞ+d&pUw&mi5rާΚ19`*l@]?yxӄֳ?_IwgX bQJ.ֵpen߁ܼ\i8$\Z_9jrI~gm>}E=˨N:LkYgc #})Bp:冥p?弟ѧtvw٣ىu9䆭8qD5L!"xND_gJ{Rɱ# p>W湿I/2?·?PƜ3 O(ľWGZXH1XI⫅ ?I/$<ϭk })J52M6?S[}f0y^+ QYY8jޒ~Cj6Hؕ|:S&Ʃj{?4ԭrUjHbfVE-&}P8cB*{r7shx7RUKqb8)5*9ylts GxUHK"=_:L1QB*z:љ8InOٞUtMN})0} 1 HE;ibI&)xǭ&)qF(Qq01NF)آ1O&(Q`7SF(Q@2uъZ((M6TAEI1EVc$JʸJ i;X564O4.cK1T@bE0QNci1N4b6Ө@_zpb f89~Z(UNTܤsxj8WUVp@ iD1 ay\$~ Sm2澌s) S[.֝ >i皼 QQ)B@J]<=yBĀL// TZt_П\9?# j?يV@;Rk+圑 3Xk(jJ\|iѵ8j)V_J9rO|m^|}2qk3Y?Z_$ (iy9JRɓJdsJQV%n(Fjy(2oZ[xT$ -*ɑNW$cnWcWOJBM5\t$Mp6eyLd;EW'o5Hy DˈldWۘkh{? ?k*%o%hK__i@ĵ] zQJEm`l6\ڎz"x?]Vc 'fGְ=O^k9Rw7d7E^ް׽/zS~sJ/`}4iɏ#?59zQsGa]D8մט5ؒ*O^+O,7 cʶ?Ox*woѝZ?ui_=kFu^Ę枺̘ N[G$j}uH 4ZAO pSƻZV4}>ʛzO3Q+v'SzGFZ|︽Z|ߑT2zѕ'R%d1z4_C (JB{qSV榼Di7G]JzM'k'?QޔqU̩`hxhjZiGW=Ѽ֋Y}e,/ݔ\'1Dò֏0ֱ+O$KƖ/*]/?ޓgy{3U4wO|@)b ??n1"FhNivw WFn$}_Ktu {ҝ-X=j}ޜ.+# Q썾k :ONȯh}dywi{!`G=g&c6>JS +׿#4>KzRdN^U 3\9.sI E%cOmz_ֱ>J.=/btI5.:RޗMϵ{ޱǽ)Y7׽b}ޝΣP)b͡uaZŒ24㎴RdҌ|/=E`ޔ\V~bMyO[z<.}EϽ/`WN^{Ӿ}k\G֗+(5n ?Z8ӦWEi6ךNy$Ciqs>i}tEsj^tށ}s\غ> C?#?z2yZ}ie:t=g[9?&tRwܝ>N_)reӨP'Yzpֹ/ZpBQ:ϴVM9UK,m [uulTjts'FI>"Yr~u'\wFNU-N0Rd}Qphir\V/y?g4 >Rir۳C;̥)r۳C>yu2f?n[i:52I6}MEtpR3U٦./}k3ͣΨfݚhu7hXfV_ց7Xf=XG9Nu1 ^永<;ޔMd!֜<;ޕfOij\\֜.}OJ'ɰ.}~ZToAI7rhqL4sXu/Zbmh]`u}ޱ<z_{%}h~{ҋ}IO$4\ުtuc:8kְEǽ8\T{ol>v}k8J.i{ozpbϽ8b,穪BO|U7)lp\ҋz6Xtm> \sޝ:}h>}hힵϋzz\dh'_.Zܰ_Ume/M:_tG]D3qVZ:4cSM&*Ңd+UR59W ⟰怅"Aj%KG2 Y8qQRoZA]sj\}jSde<ЦH9QYme<Q_|@f;!g?kqWO&e"l~V5}mq# n+n6pRN$JqEdp=#"N#4O`7J ~=GTSF"AQR1*]O&~} SRJ\m&)إøu@ ޭXrҦO?ҫ՝0}ǏN+R&++RuWIJNf֖i)Xw44OpH0:bVf?x@f,;bSA EⅣm.yq ֆK)Gsг`#Yc <Y8 =[֚DZXPN)XB(74X9?JL\њ,c! 4Q`Fgh?NUs[;CF "+,Ma-r,(K#?j/B҉cFzCOnozF~ I 5/!8$Tz'[]ɌƺtOVzO44h潦|d4MTrsNӨ5u RȨsFhP3I(A@Ȧ|4nZ2;QpEVlm:w\H=84@|KK[m!Mf`5#,`%fH1T'c'o=+9iVz*sla\HjDK-sv TxJ[:QKY&wv)9 QJFYXjQi81yj #J"69rUqmiW2l2B< UvѮ;T31>/:eMsޯ"y^{I JjyZWٌXk|'TRblBAJn.d 8Z%){ޒcixIn+;3JZw[SY! ۸LI (Ii)pjŵ8DRX ̡U\ PѲW8ʜB#hӞX )k.px',$]ygQ!65n#r߉USOyƟEKB%ER)T)D(Y)eU0fa>ޕQfS\.ڷ"5ڤN:"68“>rJjdB.G|RD nF,ɨri{KAIS~< j-9jG&j+pA+>s+(V-`26?wsEݐ~"yvzB9v䓚e&8ߨ3N4& UGQ MGV34fDd#p؊oP_ ;RE;\LqE- AN73ԓSsXtXPdn4rriҰb f)ؔLii)Xh(лcOU,Td"yhsi&l ni(kMP3Eү& nju`G`n's FNȉP\:O^:$Ϙ;,I9=h% QTkЦ5cƫ7V\̃iS\uu*Wj5Q6'j0M-&kDM"izi %Ii 4&!- Ԭ.,o̶Ou#9?dtt(A\?@QSF! -19\e09mI'?,de& 9_ey4qKY+ӑև=9?WDPvP;=CWnl$f+j> `:]ӧ :ʏ^J'8}:UwX|ݼܬ89r+<3]=Jؒ^5Yୂ?ʼѱݷkyN)7G 0FOzO[|TΓi{b3q(<#E~l[A7l^$?yRʶrU=Y(57,Y˥*Q{R-N]fվ}L$Qʇ%L)= O':7V:R@ Ȼs7"vy?1WGOT]_>-֯Պ n0 ^iFFgo0{aEtI~z'Ȼ Tmƙh$ć^J"~(q^Wh1iI ]S$ߠoS)<˹.ҹb?-!}Nir"N:$:aͬ~_M:^%}bg;&*vSK°@3] 8Ec9CĺiyϔICX?o^8Rg {_١f]U,.Vb]F4CD$J8Œ8*wh6 22+Ӽ9^O@ r՝JfǨh&OEgoͥ]c9r7HRhvaP2w%=QC^C.9Sd K!}QUvmaEl$z*u?K &QB:ӋJi f uۖ6ntv@H95J ^'=1])#ƚt{c8Q!|BwY"Mr i3ZDJ?ӡIB =YHzRb[D\q3 WJE8Mz\CY$BGSw2*qc܌qi9{H^J~8#J̾x%;YΙ4^T`۴}7zV.9 I ғrHTr҂۰U#GӶP1ځ-mRRF^9MR=T))UQ?-lV JQ^ϊ[DIms&0ӑ)[qJφ_oo- ROrzOӬ`;{XWlqQ{S3ȫZU]شiֆAG4ހ5&!QSqعKJ8Z 4SisLI(x4u@ K)(™q W0K,J$FF?8R Koo!8?^6W# OKڦuK,:ȿ㌏qk&`+q=,=^xˌj"Q&eDx?M)Pw_ˤ1՝4u h[$sYSɹ˔qUŘ]JV"y~ֱuG5oNehqGpq"#\44;r=OA(\՘%qղ8Q(z y 0ޣO)ɑ4hNތT)C&ylt'A,A 2=Cg4]7*c2Rp+źu9C8\BIC|ꍑW4(#(ٖoF A3209oF4k9*U\ Rƨ)ja Қ`Rű(FT"!\(`>+M!cO@EW\zNgICԍäz =)t_ÖUj?/qN{`o?,,ARl @5|-n?tGTG z=qR R=ZP Ć˽3ay=iL7|)zOր$҉78?x`>)wLRx xD?֘eOAZyf(Ԭ; f޹B_9_KHz)N=?:VP$EA7TWœe!;EI F?β䘱94Q9i2=4Ci_q:ҁVaF%ȡ'n>=P2SK:La:C!Q?v~ykp軙(.H:M㢻#~D?X{\WG(.7*yAY:p۪pЊj-fM|[} 8Pj 5{Ri9K~U)2Ajꐓ1hx Rr(ɭc11On tJxC^i*rpOLNz~?43>җ_hwum.K,5]*GWu_VhhG<-v7'Sw?u~>Ћ yN"OE?J4d zBoķ5p`9u UzJPhAG\{j442YaᏥu(l2Z-d }%UW_5IL8xn(bhK?}YpG ]UׂIB?sװG曦xw_ZU$מྩy?z/ȾkTbo~ꆣkyWF+ 9'^ek&h~ໂMRyGҾ6[8ǖQzѾ/Qc>[Z6luK&ۺsW|nm-[CmȐ"' ʴZΜ%U*6[kt~qT"HR 繭0I쏡KV@>pp0 *u,xe4,1*2nIPtkaCYE-K(#_]|+>F&|u?ƮduR= y;#1f|nj}?Qq#پ:3>Ώ _?Қ:zg1HHUQA־Kݖ7wzJ̛W'Z,nTNG~d{auegdetbWVԗ>U*s3uHy_J?󣟹_ Wwti<#WЋ:Gě}?o3dGS>s 0)}qsNqrTg/^mƪ^fuh}0apUא K}d_S$iK-f9t\0ДS_}O'[{{W1[ٮ=nWxtSNc'ۘץz)_Η]EV_خ!t%ƅ4\6Ѹ}4õ;Io<B[1-[BN=Ҡ5uXTw e#kFI 5p|:'ͧw0A.-a=Tt^"=Ra춱H,H=A?ya穮B:\v#5Z_>-O5cs56 Є~0>}M#^cZ1)2xsXP:e'QK# |ϱ>=)<7Z7wMA-MS4}A~?lhx~x3#ǵ gVO I*S"(2ÊҬ3ڡ"J1ɮHVaCݻ0Ѹ\ŶPF'^n? U"9Vl.^ 9ջ8Ywr5Jwu>baIGs&ShU *Nq1KF) WCJA(*y^:9(Q~ړ9ݴbOP { KԄSqS@zRiԶI1u8ztW)R[4pyT}Q>8T b!GQqQj5eh%J W5"ԁU5.)!);I@5Qwܙ+l;=0r(JZ-v ?jhm7}A=i캅A]NT\riT{Zzս @3u1mI 6o K淭9jԭJzݞLc,#7gJ\ӰtpG3EHk>+kpphTo9=5BfMKZ 6E1F3Wi+Ms:r~޺8ak6YJ5{qCfu Bu+6R^ُJn[=oUұh纾k8V>UZ@]09׭xy=~XQK[ \땇!En¡ `).DSOo`/⌚i&I-oM攱]ɰfQqX2h(&h8n;t"x&qh-Oّ* F;cԁ mt.V0c<]udb+X3Mqb8$DF)rh$CK4^ԛqޣ,hhd8hϵ&hv0W’va0?lxǍw'ڸ"3&*/Sӓ]E<~ُfvͦ}ofҰu9#.onsIg0u{߁Wg-xۛ bOJ Gv̓[Dxv4zLdR&J֐&7QCL$p;v'֌CIObJ^=j1>bN}\ j"sҀi 1ZO,ӷ Bbi `7{ w9+h'O_& \'ު?C W;q]AaRXiCRVHihx*f<>;R3n4H n=)4LIbq>iKfi Q>bAT')sm42&oZ)zR :pS+WRe}9dRfvZ~\7ċ Ѯ& T{Wm*[hQqY՗w. uĄ`s+bŚB]-ʼAȜq^;̥} kM.s"H av#j|ĘpW!8A+%Sٿy2'#5&="}!O+=9zwu+ h?$HX<~ɹ bƁFiFHi'4rzSECӵ ғHLOƫY^EbmiicY85.Ym ElOpD{y?$*44 >byFAbaˌN!ixm楴ZLPRi{m@/8[Y5}krqj۟iO1Ӛӽ1 *5i,8`V7>? |VSDgPKS\\!I^}F ?~w"ukJ&tr;j+ W\=m_JOMY:m=a(}>2eu'mzT,U'1Kxg_ξB5`̷1+0+ :ke p|ƺTsER65r!@%Pi( (EQE&(@E J(x$RQ@ OŠ3HaGEgږP1sFi1@ @ƃsME JZJJ,4<҃JE&E n g=hd L3K.$QyFhX3Gnݚw&W鹥iVh(RgJԴ4Ǐ.:3K0֊Z:pb)1KJ.M;" S+•>PH?=/Ma\{!I]~ՄV* ?ֵJ̽J[GQ<͔>T:2i z~M(\־uщ5;tg_G9<׿V|Vu+HU\n]wgI1ZUF┿4J3lj8KQӹKZ`]pGM^J\ &b "4..#zk.=Nh &'*)dg5cFI46)8 qPg޼cĚ?`@ ;|cb&ѫ@i1@8A1\^Rf =jjPG? t`wLQ3}i*ΣҪ)b <Vߥ|eiaZtqMeL?y?V͛{jfد<5új@O|m+= i}?WlϕHM)T ).+74RP1h%-;IK)\vi(=((X))ha %-\,QpQE\v ((.S g cR}A+6) 9M{#8%3.;HsE4RJJQJ3LJ3H.(4f1{QH("Rihњ:f .icތSsFh6C@ގ( FizPJ GJ  GM-\'Ł 0 XIJB1I+*m#% okA'֧1Gji|9HdܾͪlX*$1x?U{mQFS?!zwgXB) hqHM.`9!|°QE&(IK9D0rE-J(a\%)fi(4+֟uXUlTf;uC%_ȡJ 4Qzı))hX1KIFiV 3@U\Ϗw uڽlig?;n㆛<"=!A5䳍}Ҹ=Yz~!UmmpW1F/do+i0 1E'\Boi>Yu{Whb-)Qy|x5>,z#㿅;*A'zۧFT㇃>o|[o=Bqs lד_}pHP3=#'&"FH?&Ҋ;K+%-6qS;f_Et8] OPюPnFY+)zz)O[uO_$i2E6Us^qک=/e b*3ƭi|[Ȥ9V'$F¾o/־ob0~c:g7oKmU!R֊.; GFh8 Q:QGjJZL@X(4\bNk8k'I PX\Jqs8`ucSZD獏 }q6ޤ v⟘l)`* #59biي)) H'ތsI@ )ʣ,@R@oOKoW?4'e Vnvj?5akB;\W=s@,2yW?45sFk, zв9oΏhQ@ #ڱ$EU3b2W{T#!N9=M!I 0%z"$Y1lx,?!?Ɵ)Q]ǹ#U\FN5kR>]Fd9Ñ҈/ 'Ҥc7Qvr3L3YPgMsh\K]LOP1Js##5h϶w_"YAg>tC! 2j<,` ~Hϕj=F_.k=ovS1_Ҝo81\?=ޤڜr@m6ls8vײoz`tf{w3[ȶxY\gXYfy *NiNi R?0AO=Õ\ǃ/?~쟐upAT0a2GL4ZZdžu_@5Zχ5;V}X툏A^5wZ@f6R \ם&#HF6W@쫼[IrvdQ`=Jd`n\Vgc_AZ)RK*ocsO*pA\-|2:220Ot{&Hg$H? n+SJr3Us\͍[ţگTA܁oT b۳r' qy-?H {{4{@>Y`T`Ob#6_~-7w@ 8OA_YPe@Xs׽Gyq[K#{{Q9~GՒk8HwP@6$YИ\}-m۝.1g3YZ@ R<rRieq|8s_pHhD.!|{}$cMEW0 P <OKdxSROf&RZx]tQ+W~'#8z#͌~b;I|EC$bKrx̅c;χ+"E$S!!B9YK[+,S^{Ĉz:H,|U7iHd>3^{Km;\df'T9nIK$(` <&es>3[yòJreF(|s!}\O,cVnZ>=j8hћ5DOsXUǬ W?j9zpO8J[+,FZ}eQzUw[EwHV=zVU[VpKɏE"Ls󌃎hmv=!syȑ3s“`#iJzgQ.<˜˽]fu@q¨k:Djp!ھa<I6k0;wq: uzQ!iup>azmJnf>i 3I;q8x]dJng+>.g]'=j:D䑂WOsG4osR*;,y&x՛H-'Z|-lu(dуG9limHUۏҟ4Fl#նTgnN?*%9x-җ4Y#w,Y#=GULG3T"*+ǚ!zx3AdOc%&&gװimUf>SmnŔ4DGQGj\ "x2C{5 eR),xqG<P?"~3s ?|VO#B +g²!yQ9ا&lcWu8<+Gߝ#UTԕOѽ筥:V<^ 1 {?NsR^m(cKn1޲5[\w\SeSju=IXPL+xd5(.2gLc?r ikKV;i]tF[`zs^sʦ仜%v^k] K9/#%v8TZ.xkTbNE}J^ס c=RXcd~͜t"j6Qԡ3[Ƣ.ڶ.f|V܅"k;KmmX3둃NPH/<n*+yZ$4,ve}Ix8K3wv=39ϧZu]*y^dHUldsڭZZB~她vқ$7QW9oa##7vA@;:*ƽsy -#y-n<\NgӊyHO`sҴ8tbTVwx[+PZ ٠ y.@{39oxܣ,ʫZO, 9+y:G+gv sZWIS CPNztǓO2ݝAnٕ(&q%uWQ1#=@kU=O0ʝǃЊb' ֻgTW@`[$JgiA qڼfAԊo+sv?/^N)ܹ000G5Af_ɸԣI_=iޟI}k*12p9' ~͇:(D0ūj8Ibk/s+ƼmNT}+Nti7w;v=Q5g+^+Riiȷ̌C>LԮ5K?K觕c/בҽ\ҭuvheNěrI^+M:hV%lg]jO6ou4$PNx+fK;rP`Q6)mb!G|qFjqo嵪؂g'>߽`yb{ izC n&1 9ONҨh:|3G 3Fʄ1rylRi/qn\xXIi~`W?)֭۟i=+ZUUn%VTF8'qַ὚v9khi)M,CihAgP`mb5ON\r[o RAQ6UqH?A]ӌʚkV3|x62~㖓]$QD0Τa23x^ FQ{nq!1ҙa;+-N)g.nc"..Keq;NOҒ8.#*^ٝPKbz39+7GP ژ& #p94F'L? ~_ѿa$BFX*G\ձJ竂^2Ӟ#tp:OWUԬ^Ցma*ppss tVly=w;_.u, +ȴۉ 1nʼԑMze =q2z/t^;4p#<駌U#vyx̽fssߍ4yFy8Ry0=+l7^A ivzGÍI闇& ^>u)lvjO'BkvY䶀_R*9ZIv&T7w1Y۽ԩ J^Gn@?|W~1Ԟ Vh4X иRp8~k۴i~>)Civ4ܥ*a70O;ῃ5;l6R:cE]8YݐMyZݐy5ῈuoJy+>+{o %yF1 I' =q20.`3urM5Tv ǽE}oX]^>-2U4渴"uڙ~dO'"_ڧKH):abP7rWje]4"*ڣO~ m`&e ul@{k׾^K,raZ-43o[Xy{u/kiJ? [PL dqznH:mRL3[IS5C Wڢ:v7%ď̆pAj߅<@Zo'N9U@d$р{z "bD`g'·cR'=j'B<\׉ >618_ymg;r*'mb F|:p*XĬΒkPYiX X<qҹdoJU$*|ۏWlt..FP?jn48lXy麴0q.=;H 2FsR"HRNsӡ?ҸKld!Cɸ uM.? {qk<1ys `jٽ4G)#:Ҭ'<:זV~ν'K KCI'w[jyBNVH]ZAhVgP8`Ũ@ҿ_6i"{0˂z{W;ok_L٫Nn+=+[hmUkPԠ`7F^C+≭V CdS+&MM5*:۷ |Ge>\^Kcq[|cqDTI=Fso.<$;+;-OP<ݽB~uʿd4il T e-'theΪF뜄?,S[x%X8n0zg@"Kh`i)-+򧦗CocoOU__X>t%/L~sc*9U;rZ=6Oa֜^0YAGǁ\iKn˧yD(o8=q۟D)R֢~UxPrj-ypQm8l=6x]ޥZ}ZE<2?I?*>,eiI:D=I }+5[K V5 ʑ^4er'5v *BµŠkKO@+P񝕜+8 RTmۮEr6m.˥O22Qf\!t{D W^xͮ$l#Zվ!êxeYnU2d26=T5QboWgKIJij{η=y yV-yˬ[aK=q8=Ga^2=8܁= ]I~vvK8à=?ϭU$ʑIڮVy*ʱ[HcבQY<6R\*0:K;f5fi$Vcw5!{>Qiow3=ϵpvZ4TO̳Iһq1I9cgӳH¾YyA_=ë_#[dcE+gEIBGN?SV ajG[UA]#YPj +DھnGs?z͛Z3t5@IHޮ;AI 6\+%EQH:Z䏉=p a]܄_-a.nObo{ ,.ߧZ+#󺒼<<I#5.rNO5'+ ihہB W!Pyw^j9r,&Etgz'Tm:s溽iƯ4K+Rw2JHV(R3^9eLPqJs]MgV) SDȤ37$`ߝw:4ڦц9\SJܬ;X5 3aGObv8,k;O]-2.5m\M wsV NV+0DWpcxh<[`r3[#O倒& ?!^|<3pi3Ʃ2_>Մ:(ԃ6v_elẁp2(] >LowGϕd@6Kco'hBdΉ\6G,x$RH>#8l;%X.33\Q^T4K&jv{4`Ԛ%F+S׼gAG5nx,DI ˺Lk>"aXy_ ]\ͨjһHف>8u3g;5oDQT8Q{_3|99zw<+x*}:i.#8 wi*Хn"B`Cq=S(moҾKq?EpDZIml|9$h~xoMyΒmbE,BY1VOo w TԔCwG+9Ƶ}Y1`O9?>WZֹ^<Fzt AZ^ _3L?Zk=Hrw$c=F5 C#E2Dz=9'|ɑ8$8O&t5"WR @~j󱚻riZr1&yVM(=_ї:fde` 8jO _3_$zVZ]~|o{yOe~Z,JmaV$G*{I'N?tW:Z?%Q s}uWJ}wEڗ̳?r55hّLb$rZM bF?e@?rNO6՝.TSJu4o/wIK<G[qzlj,i+#efB'rG(M1=ck;[WT[شELEJ]>q^GZ/t#:2*n83Ѕ2B8;6oO*oZq ޟsy4C$<qc`={mxCJ5ki-#8':\~KN/ᱴM$k=ķLy`9<>ƵLi|99[#ŲG;Z$J`= r7~bHm. $nqqUȅ{6 Aᶞf匨L.[  8Amu&m)jɓry#ڥH;v4q/"D̅6Bo~:'}Lsyޅ ycNAȇl.1gqB^ߺq뾋n$dz r*tG݈ܳjg.M %H7Uqj#g+C̞|ۧ~6:\s 4 G{ =l5Cdp!۶2~N.i4b<@qZ:w.\M VNiI*xW Gx{ZR#e-yKRr=:W%YYȱpvrZ4׮"^{S>PA>~U&1ޔی(NKS[D{ ډwؼAM4"qz{Hg*jOSr#RKnSZJÊf*"LX)bj7\CnJ~ȎcQ$B t>Gyd (}>zŘ&s=8|Sg<߲G;ej^ hI H!.Bo~\=CunF>Z"Lo4N+QW?2`=s>s!'TЬfpRAjZx3#hl b[3c TZ|LBƯ fMM"R-LgA{F2n "1 ךI7fkb\|m]$yϾk~fd )Br@=Ps$o2zzs]EC63iۿ莄ݎoֳIoߵ3{bZq^f$}Zw5y{ai<U'h1'x2JYL$-3 HUFe1ϷyrJZgG:VqPʱ\TݻN1[ҡ8&e:Z#|pڟD ;ac֩inrZ!e Ԟ|1r v$9#9>uxSl?*^M~Fm>)o H$ L{V.ÅBE~WD.?L_Q<%)y43 t?H ̳\麼Kb g>uF5fR KQO.V_ٴ:#gؾΩfHFwɎ3ֽ_N4MF(MI>a(=` 947MFkD.V,Tu\o㲿f[M\iGFr=QN(AZ'6#1&\%t%5v(*A  LT٩*k26q"[`;g޽3C4X+:2T*GoRX E<9]A:4 ZY\'rޣۯoZmx65!nyoqlV^X;F=^F4ǞA8$W.mͶT1e#~9oz;;F4|1 i7,sTtՈK$ z ڳ<ekuKo.7 <\t7$xE* &ĺlnAdVXm&0.iqfs!mwL/˴zdlapTU;+ כdvs H@$}jj<۞T{bi=8[ė:孒jvӭn }z-]vYT8*A`08ӎxBZTUvɍdVr F14؛pN.K+NH'XHW G}khLFF35Pi'UW#~S^ aj-F!|4DtUJ3bppeBs Y[lʬՑF@=38$0r`Q?҄Y@:kXǤ4 9X899d#|붇e:I5T IE ?*8ٮ(J؛Pj6[suH5^߈f0l:1}M%>Hgr%1F8uQ%[SSUBWw:mAgA+3/LvbYI,cƸfPR%,SW{- =6ghXq9H.^D## Yɫڋ=F1?CNiJirLi:$;GkזC]g?j 慑$ ծJ5_}j l\r kq8IXОi$3oVpUPmw*p7 tzVeƪ̩mxz dUI?%Q.{y^8?ԥђ+Wgs5T/\E7eC$zqζ>nMNkį'賷Trj,t_.u`؟?#[8αqwZu[#S෉FG ̮zuզ{42H $ݹWp<~ I,D7 &x]7- a!Y~Szq^ף:L5.]@<}jߊ2AϿ(d֗i-C:VC4h H"HDa9^!ՙ "SzUĝ&MNm6]6o1pprpAW][.GEۮ\7#-8uo'6oc+S𷏵<ҦsWwO:v,PRe >b>^:WhӠfwwf/lw W$vdƤf}xLд{[XՎ5zWST[j{vżS88O¶sAn3b16f9/#ktU{bZʎ@l& ӜH(EAgki4>ua@U<|?oohZLنR {p?=Bzw?C!; 5lO4 z >-ib(2N1bjZ} _E@UGa˜qַgXA^N]|Uuvb?՘>*B‡d\ѩExb-OdVMivYP΄`eB3WRr[?J~#عG?RqnŨ]] i;`A9ҹ`e;c mκ*ioV}ƷrL*gTmd7fsӼ?nȒys)\îGxAWH~_hiGi%@O' lcKzmw!PKRy5Ђn ! {Eш #i?םo/C Xw5ke[ BxWK,8"2];}}%mt;r?Z(5Qu,6au N&#pNՏJƒf [m5?eHZ;fb|U~%.(Ѡ|Fhx!{ZϤ~hb#5 E_%݂Ƞ~uz?n<;$YݤN%H՜un =vZE3% i.(nN2FA$=VDemW:6vV#K 9s溂K)'zk|/y456V4\Ļ9mj }đjpyVVI}S~dzC{?+Mr'Q`+yu֔Gik?|f_@5%O"Xv<03c:U6/+]njsWnf }N2 y6f\.b o>Tĉ{}֫r :,w :SQ:HDEO|A=[n'IS{qtE_\DNpZuoici0o#AV+{1 )* Jn)^LssΥ8&w>k,$smg#{+~\W~&ỆtvWX k{fݷL['8{Ù.`| F]j?IKഝtǍ&?ϿjEfc9<27` ޽Xd 3ڣß*n0r;hם:Rs  l#EW%q~5|,u{5l(27%@#?ֻkyf@^|ԃԚ(dF.[Qdɢ49c;n|Agm Jug8I" ipy?sk'߿|r>oDyZ'+պcI[-.R6 G2OrOҪ|DƪH4B(zf3^1BOዿ?-Z.[rXڎ'Cl7rLd*'#6A#=k2mWY-VG2mR+crBޱfV1H،f[xMŤs~vp;Fs޶ugXkOI1i 熤|!c6sgo#»9ׯZዉ5ܲK7cn.ofXvd'ܜas>M 0y7V8$R7+c'AC\.%MlȬrA&_Cj<2ʕ?8j}LHѣ`8cc9T|̹{_dt*3R/MS=eeo'k_d~r1,rߝI !G$.픟ra27J$% ȣ1Bw=ϻ ??Jؾ<˾}?}?GxAUeo9`?*^=cWx?ux3 m9C~Fa?j9!!$! 3̙zKy- 6'<Mxƨn|6/{S?yھ嶺qm8S5wy-g銋r0WMŸ/a-G8Aܚy-@JzG}]v} p>qVe4ˁ$h?O&V>yrCmkyI!9Xrd4Ӭܖh*À;tR ۲wr%9٪MQԽM U 񟧥6 :wmB?Խ9UG!9-!?Χ70#cH^z?Cu~v1Ur^+tGϷFA%db ?4s6pi^- Y[t)?Tri|< {gܺoצO|K)sU|f^#k STYqp'&j KU4Wu7v2] }k?@Gg( gگk}7@`/fc┕Շgs7OzEc(>'_֨y{/i迊o홢5(?z]Sɻ#VE `^I=֚R7!N$6p8 NYmr^ޅ'ڔp_ b$ן*/n3 ;ؖoԚ/ԯc/YDL}sۯ5VqOMY[x^bI2cU 2D1;sXYX[E P xS-묋rQe[dj3ʦ.'iHޖUx4]F`qX7Cc}^;|q/X2Is(v/.^ݰUPFqڲcJR7[R) HMoрބ(B\ԗKTW}ǁK`þUNkCu$ 5ڢ9i*w|Wk>:9E_VY~dcpʀ{p)ڵax Iwden1887ՒPۼC?M)k⎶^R՛͙ ~-϶]=BjWMzs1;gh8's|IwxKlsQxQV554eZ kMJ|$>bM]\?5Bn#WT.)3;l>(3pp<kqړ}mt,2'B8>>K[[Cqn[ tOs}Aizd&V<T Tږ ,Qj(b֌fIHu3Z ߘĭQ…±1\jp^4w0+#c;Ǧnn-RF dhpkʮyyu9 iG_Iu wg$Ұ=*&rw [pOٕ8@$fQ%*hI >~s?#fj15]AhGS/^ccNiVmԀ)/&T%Ȼ鶧ۧW T~kg4:6Yv[>o>FzC]%ƉbSm2c,י  pp;Qh$Zn*O'zP'e|  N穢t9=v^R.$Vmb_\4\ v=K$bP;[5P"ueU}AG yBvU$aI<ޝizx Ҹ5F|wX;R܇SnmgKRZdw*ҀWW`[]*anOO؎1-OFÜ~ EiTEXܞk1ԏ^_K{!u]Hű{6MP|CI|Wq֗/z]/TG潔r{_8[pÆЊ-v}~S5iՖڜ3GD񞎎OЊۤ.s^/`n\Fdh  TI"HʔpO/'Ƣi7+pG"lo/({gܖ;c9˅XU&P`aE//l:FNу⫘%*ȧ Ϲs"X!ToSX#d{r&gPg'|Ȩg?Ff'fO=raOʤB> ?J|\P?'L6j[ڽv1G3ջIFOvQs03~XJ6w&}ilmfzŏH[R9JjɞaW7(abj6s5Rs03EuKFh(ڎf3، /W=QÕ(??;ҟš>\OI\sO^otA[eH $(x8XIZm.)4MB0.08tui?-'8ta'F{=VSkI&T,Inu0֢mB?#%RA -~^1V>ܖX@1DRCg Œ9%f5Z?+!ѵFѺ0 9?-~3Xs4dibB۷x gXjx}X#l͸ˎ5úy'KuӛOǣx[Oݝ | $FV HsԳTZ|-Ek9ykq}𣘤ux5;hZZ!_ h/;ڵ͜6Vu\BGPy9$ZĒ|ێ)e/Qo9-'Kknoe)Rv9+|cpmRsn-W@|/bI>m/SGl [s}ek0M waGHPO7]Gof .?JY}Z+7g1P\j9_A0C[Ϲh0Zi)5W'4XZ}0ئH>O 9jB|jW}Q[ i:vaFK܃p+uc K1xKor瞕G0L7*2=ӵ Mc AUNF.oM&743*m#5*a*dw,R y@T'вA88..@=V߷َ yjwbB2GN ME'p#,ΐM3j! ('zoRݠ 2=({ ^Pi2sɦ(@KQ\R=Lѹ{4qLDj"rVWpqژ[W)dE[ht$GFƋAO#+ͼYx/.^(dVlf߂^8=wZqi7nc,y޼FQss}p~ Lu%eۀuݽK7nA?8{2^28XԞָ9!GsUI?ʵ- ξQvF3ӓYRwwJ~dW$d_|!l}kN؍tV?] ^XisPHW#QO:R8M:B*J8!I>3L. 89#ހc'=sPc pa@)qIMgQn=7)N8 >44\ ?Zpn*8=sBGsH) G{u.Fi h |Ny02E "*'WKwVbJ#v8КF 0y#W=w,`+@1ӭ4KG ]T"wQ5FÛ Ay1Wr,bn_SRfKУ} g̦M4bˉ]*|k Ů4@$x=:EYUNr[jVڎ|&+ IC z<7d+O37Hmel{zWW5RMa$W![.YTH\38:~Ev7 EyKG՞Y8 *=k_šMngKs) l x#"yqqjM?4 0+V/ YAu6a*Tb4420#F=.)ւO *;u4c8RzPZw @n:=當ܦ; װ6J2F3x#}IE-L{`񂡗t]nϫ궑TҼ}ݎpy'd/uMqYn?m`\ײ6w:"v{OjkRi%REn'D&`]C}juU;Lv?AXK.Kb g}6wZSsuM!yI$r 뻸5|T4hZDwV&خS?_d7z3\EuȣV@ !Ak~hz|f# }8$Nc﹪E*5aNG~>n'? q7h $sNsilb'̘J?ZpM=E5c7sXtuB? aa' Ϸ4 u)jr!#~΋$~iJǰF7gԟZI=qQEbXHqQj(sV)OzM8B 5 Warning: fopen(https://newsweekme.com/wp-content/uploads/2015/12/2015-12-22T154406Z_434826826_GF10000274058_RTRMADP_3_SAUDI-ENERGY1-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

The Saudi government has said it was hiking prices for fuels, water and electricity as well as gas feedstock used by industry, as part of politically sensitive subsidy reforms. REUTERS/Faisal Al Nasser

By Rania El Gamal

DUBAI, Dec 29 – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices.

The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it appears willing to continue tolerating cheap crude to defend market share and wait for the market to balance without cutting supplies, oil sources and analysts say.

In one of the strongest signals that the kingdom will stay the course despite the impact on its finances, Saudi Aramco’s chairman Khalid Al Falih said it could outlast others.

“We see the market balancing sometime in 2016, we see demand ultimately exceeding supply and soaking up a lot of the excess inventory and prices in due course will respond regardless of when and by how much,” Falih told a news conference late on Monday detailing next year’s budget.

“Saudi Arabia more than anyone else has the capacity to wait out the market until this balancing takes place,” he said.

Analysts said the plans announced on Monday to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization showed Riyadh was expecting lower revenues.

“We don’t see any changes to Saudi Arabia’s oil policy— in the context of oil production,” said Amrita Sen, chief oil analyst at consultancy Energy Aspects.

“The budget changes suggest they are expecting oil prices to stay low for some time and the reforms are a small step towards addressing that.”

BELT-TIGHTENING

The 2016 budget and reforms announcements marked the biggest shake-up to economic policy in the kingdom for over a decade and aimed to cut the government deficit to 326 billion riyals, down from 367 billion riyals or 15 percent of gross domestic product in 2015.

Next year’s budget projects spending of 840 billion riyals, down from 975 billion riyals spent in 2015.

The government also said it was hiking prices for fuels, water and electricity as well as gas feedstock used by industry, as part of politically sensitive subsidy reforms.

“Saudi Arabia can either spend its way out of the current scenario or start belt-tightening. In the past the country has spent lavishly on health, education and infrastructure in difficult times knowing that oil prices will be supportive,” said Asim Bakhtiar, head of research and investment advisory, Saudi Fransi Capital.

“If oil has entered a down cycle then belt-tightening will prevail.”

Falih, who is also the health minister, became chairman of Aramco, the world’s biggest state energy firm, earlier this year after more than 30 years in the company.

As one of one of a handful of Saudi figures whose views are closely watched by traders and analysts for any insight into the kingdom’s oil thinking, Falih has long been considered a possible successor to Saudi Oil Minister Ali Al Naimi.

His appearance at the news conference with two other ministers, during which he shared his views on oil prices and market assessment, was seen as a possible signal he could be named oil minister when Naimi, 80, eventually retires.

The Organization of the Petroleum Exporting Countries (OPEC)rolled over its year-long strategy of pumping at will in its Dec. 4 meeting, raising the stakes in its survival-of-the-fittest market strategy.

Riyadh was the driving force behind OPEC’s shift in policy last year, rejecting calls to reduce output to support oil prices that are trading this month at their lowest since 2004. It chose instead to defend market share against higher-cost-rivals.

Falih said the policy had borne fruit.

“Over the last year we have seen the down cycle in the oil markets have a significant impact on both supply and demand. Supply has plateaued in North America and started declining by significant amounts and we expect that to continue or perhaps accelerate in 2016,” he said.

Brent was trading at around $36.85 a barrel on Tuesday, a sharp drop from a high of $115 a barrel in June 2014 before OPEC’s policy shift.

The Finance Ministry did not disclose the average oil price assumed in its 2016 budget calculations but economists estimated it was about $40 a barrel and saw crude production remaining high at above 10 million barrels per day next year.

“We do not see Saudi Arabia… cutting production in order to support upward movement in prices. So far, Saudi policy of gaining market share has worked, with lower prices undercutting both OPEC and non -OPEC competitors in key markets,” wrote analysts at Jadwa Investment, a leading Saudi financial firm, in a note on Tuesday.

Social Streams

Comments

comments

Facebook Comments

Website Comments

Post a comment