What You Need to Know About the Middle East, Nov. 8

The transcript discusses economic issues in the Middle East, focusing on Saudi Arabia's budget deficit due to low oil prices and its impact on capital spending. It highlights Aramco's decision to halt oil shipments to Egypt, forcing Egypt to purchase fuel at higher global prices. The transcript also covers OPEC's market management challenges, noting the need for Iran and Iraq's participation in any credible oil production cap or cut.

What economic issue is Saudi Arabia facing due to lower oil prices?

• Increased foreign investments

• Ballooning budget deficit

• Surplus in oil production

• Rising employment rates

What action did Saudi Aramco take regarding its oil product shipments to Egypt?

• Expanded shipment routes

• Reduced shipment prices

• Halted shipments indefinitely

• Increased shipments

How is Egypt managing its fuel needs after the suspension of shipments from Saudi Aramco?

• By buying fuels at higher costs on global markets

• By receiving aid from neighboring countries

• By increasing local production

• By reducing fuel consumption

What is Citigroup's view on OPEC's market management?

• It is problematic as expected

• It has no impact

• It is beneficial for short sellers

• It is highly effective

Which countries does Citigroup believe are essential for a credible OPEC production cap or cut?

• Egypt and Jordan

• Iran and Iraq

• Saudi Arabia and UAE

• Kuwait and Qatar