Saudis to shelve projects worth ‘billions of dollars’ as cheap oil bites – report

‘Saudi Arabia has reportedly canceled or restructured economic and infrastructure projects worth billions of dollars.
Reuters in a report quoted government sources as saying that the Saudi government had ordered ministries and organizations to review the projects to either scrap or make them more efficient.
The report added that most of the projects that had been targeted were those that had been devised during lavish government spending buoyed by crude oil prices above $100 per barrel.
However, they would no longer be cost-efficient with oil at below $55 per barrel.
Riyadh’s Bureau of Capital and Operational Spending Rationalization is now assessing the projects that are under 25 percent complete, the sources told Reuters.’
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