Saudi Arabia's Oil Strategy

Saudi Arabia has been producing over ten million barrels of oil daily to maintain its market position despite declining demand. This strategy has led to a significant drop in income, forcing the country to use its savings and foreign reserves. The International Energy Agency predicts a sharp decline in OPEC's annual revenues. Market speculation against the Saudi riyal has increased, reflecting concerns over the currency's stability. With oil prices around $40, the extent to which Saudi Arabia will continue this approach remains uncertain.

What has been Riyadh's plan regarding oil production despite waning demand?

What financial challenges is Saudi Arabia facing as a result of its oil strategy?

According to the International Energy Agency, what may happen to OPEC's annual revenues?

What has been the impact of low oil prices on OPEC's largest producer?

What does the rise in contracts speculating on the exchange rate indicate about traders' sentiments?