It’s been almost three-and-a-half years since global oil prices dipped to precarious levels for major oil producing nations. Oil prices had plunged from more than $100 per barrel in mid-2014 to dipping below the $30/barrel price point by January 2016. At the time global oil markets were so saturated with the precious black commodity that OPEC de facto leader and the world’s largest oil exporter Saudi Arabia was experiencing severe fiscal pain. The Kingdom had to pass politically unpopular austerity measures, ran record budget deficits, had to roll back pay for government workers, as well as raise funds in a number of international bond sales. By the end of 2016, Saudi Arabia had issued a whopping $67 bn in international bond sales for much needed operational cash. Yet, the financial problems the Saudis experienced were largely of their own making. As U.S. shale oil production ramped up in 2014, […]