Hi again , Bloomberg this morning . The Saudis are again going to the bond market , this should have been in September but because of another $100 bl budget deficit the had to move early . It appears that HSBC and J.P. Morgan are keen to take up the deal , and even though the Saudis have built a mountain of debt they must feel that they will win the battle for market share , even though it's sending them broke . But the Banks know that when the time is right , they will pull back production , push up the o.p. and pay off their debts . So they see it as a big win deal .But there is no doubt that the time will come when they will have no choice but to raise the o.p. What happens then . I think that shale will eventually return , and this will all be for nothing , and the Saudis will be burdened with mountains of debt for years to come .......... Cheers
MRM Price at posting:
43.0¢ Sentiment: Hold Disclosure: Held
