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...
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