VOL. XLI

No. 31

3-August-1998

GENERAL

Declining Oil Prices And Budget Revenues

In Saudi Arabia, new details have emerged about thegovernments plans to cope with the consequences of low oil prices. According to a Reutersreport on 30 July, the Saudi cabinet issued a "secret decree" signed by KingFahd of Saudi Arabia, proposing a halt to new project deals, a 10% cut in some signedcontracts and a freeze in state hiring and cutbacks in purchasing. The decree wasreportedly signed on 18 May 1998 and...