Saudis to set strategy for era of cheap oil as red ink flows

December 13, 2015 11:13 AM

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Saudis to set strategy for era of cheap oil as red ink flows

DUBAI/RIYADH Saudi Arabia's government is expected to announce spending cuts and a drive to raise revenue from new sources as it lays out a strategy to cope with an era of cheap oil, people familiar with Saudi policy-making said.

Markets in the world's top oil exporter are jittery because low crude prices have pushed state finances deep into deficit and so far, the government has not revealed a detailed, comprehensive plan to stem the flow of red ink.

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