(MENAFN) Saudi Arabia's Oil Ministry said that the kingdom has the ability to withstand low oil prices for at least eight years, due to its huge reserves, which currently stand at USD799 billion, adding that it is currently more focused on maintaining its market share, Arabian Business reported.
"Saudi Arabia can sustain these low oil prices for at least eight years. First, we have huge financial reserves. Second, Saudi Arabia is embarking now on rationalizing its expenditure, trying to take all the fat out of the budget. I think [Saudi Arabia] is worried but we [have to] wait for the full medicine that we have prescribed for ourselves to take its course," An Advisor to the Saudi Oil Minister was quoted as saying.
The Ministry said the kingdom would remain at an economic stable position, though it might have to reduce its spending in the future if the global plunge in oil prices, which already resulting in oil losing almost 60 percent of its value since the decline started in June, persisted.
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