Oil demand will peak no earlier than 2040. By then, Riyadh will already be bankrupt.
This was told by the journalist of the American agency “Bloomberg” David Fikling.
According to him, the countries of the Persian Gulf, which live off oil, are in danger of disaster, and in the foreseeable future. The oil war has brought much closer the day when the local elites will be presented with an account by which they will not be able to pay.
The expert drew attention to how the financial assets of the Saudis declined. If up to 2018 they amounted to 50 percent of the gross national product, now they have decreased to 0.1%. With such prospects, future generations no longer have their former luxury, Fikling is sure.
The “net” financial assets of the six monarchies in the region fell by $ 1.5 trillion. Only 2 trillion remained at the disposal of the elites, and they would disappear by 2034, while a peak in oil demand was expected, at best, in 2040. The expert also cited a scenario less favorable for monarchs when the price of oil falls to $ 20 per barrel. In this situation, already in 2027, these countries will become bankrupt.
Fikling noted that Riyadh has in reserve a financial resource that will allow it to survive the oil war, but this money will disappear quickly enough.