“Saudi Arabia on Monday said this year’s budget deficit amounted to $98 billion as lower oil prices cut into the government’s main source of revenue, prompting the kingdom to scale back spending for the coming year and hike gas prices.  Instead of cutting oil production to drive prices up, Saudi Arabia has aggressively kept its production levels high in what analysts say is an attempt to keep its market share and stymie the reach of U.S. shale producers in the global market. To cover the difference between its spending and revenue over the past year, Saudi Arabia has drawn its reserves down from $728 billion at the end of last year to around $640 billion.”

http://www.cbc.ca/news/world/saudi-arabia-falling-oil-prices-1.3382432

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