It's been a turbulent week for Saudi Arabia and the United Arab Emirates, and it's only Wednesday.
FILE - In this March 8, 2020, file, photo, an Emirati trader passes under the stocks display screen at the Dubai Financial Market in Dubai, United Arab Emirates. The United Arab Emirates will shut down its schools for four weeks as the coronavirus threatens global oil prices, airlines and Dubai’s upcoming Expo 2020 world’s fair.
The volatility comes as Saudi Arabia's Crown Prince Mohammed bin Salman embarks on another round of risky gambles, this time in response to challenges from the new coronavirus. To dominate market share, the Saudis slashed oil prices and said Monday they'd ramp up production to 12.3 million barrels a day next month. On Tuesday, the government directed Aramco to increase output capacity to 13 million barrels a day.and well-being after the crown prince's forces detained two senior princes, including the monarch's brother. On Sunday, state media showed him alive and well.
Under a scenario of Brent crude at $35 a barrel, Saudi Arabia could see a fiscal deficit this year of more than $100 billion. Oil traded Wednesday around $36 a barrel.
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