Saudi Arabia Is Not Borrowing Money From Abu Dhabi; But The Pain Worsens.

From: APS Review Oil Market Trends | Date: December 14, 1998 | Copyright information

The average spot market value of Saudi Arabia's mix of export crude oils fell to the $8/barrel range during the week and there are signs that the situation could get worse. This has alarmed the leadership in Riyadh. But the Saudi Minister of Economy and Finance, Ibrahim Al Assaf, has denied that the Riyadh government was seeking a $5 billion loan from Abu Dhabi.

The mere notion that Saudi Arabia, by far the biggest oil reservoir in the world, would be forced to borrow money from tiny neighbour Abu Dhabi would have been unthinkable a year ago.

Today Abu Dhabi is by far the ...

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