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Country at risk of heading into an economic calamity and sliding into irrelevance on the global stage puts out PR talking points saying the thing keeping them g

by JCM9 3y ago

Country at risk of heading into an economic calamity and sliding into irrelevance on the global stage puts out PR talking points saying the thing keeping them going but looking shaky is actually all just fine. Shocking. I don’t disagree, just probably the worst spokesperson on the planet to make this point.

wslh 3y ago
Could you expand? From the military point of view is one of the strongest countries of the Middle East. I visited Saudi Arabia and the people live well there (e.g. health coverage) I am not making any cultural statement. Another thing that was blurred by October 7th is establishing relations with Israel.
- ortusdux 3y ago
  https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia "The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year." "In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources. By 2022, Saudi Arabia had only modestly reduced its dependence on oil."
- JCM9 3y ago
  If the oil revenue went away, or even declined a lot, the country would be in serious trouble. They’ve been working to get ahead of that for a long by time diversifying, but from an economic risk standpoint they’re still far too dependent on oil revenues.
j_crick 3y ago
> sliding into irrelevance on the global stage There’s the rest of the world out there, where these guys are nowhere near irrelevant.
- Arnt 3y ago
  They definitely are relevant. That doesn't mean they're not sliding, though, and I imagine they're quite aware of how they're sliding. The oil companies had 99.9% market share, then 99.8, 99.5, 99, 98, 96, nowhere near irrelevant but it doesn't take a genius to see a reason why they might worry about their future. We're at a significant point now, BTW. A few months ago, renewables reached 100% of the energy market growth, with installation rate (= market share) still doubling. It's in the single per cent of total market and doubling, and all further increase in the rate of renewable installation is also a contraction in the oil market.

by JCM9 3y ago

wslh 3y ago

Could you expand? From the military point of view is one of the strongest countries of the Middle East. I visited Saudi Arabia and the people live well there (e.g. health coverage) I am not making any cultural statement. Another thing that was blurred by October 7th is establishing relations with Israel.

ortusdux 3y ago
https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia "The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year." "In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources. By 2022, Saudi Arabia had only modestly reduced its dependence on oil."
JCM9 3y ago
If the oil revenue went away, or even declined a lot, the country would be in serious trouble. They’ve been working to get ahead of that for a long by time diversifying, but from an economic risk standpoint they’re still far too dependent on oil revenues.

j_crick 3y ago

> sliding into irrelevance on the global stage There’s the rest of the world out there, where these guys are nowhere near irrelevant.

Arnt 3y ago
They definitely are relevant. That doesn't mean they're not sliding, though, and I imagine they're quite aware of how they're sliding. The oil companies had 99.9% market share, then 99.8, 99.5, 99, 98, 96, nowhere near irrelevant but it doesn't take a genius to see a reason why they might worry about their future. We're at a significant point now, BTW. A few months ago, renewables reached 100% of the energy market growth, with installation rate (= market share) still doubling. It's in the single per cent of total market and doubling, and all further increase in the rate of renewable installation is also a contraction in the oil market.