Khalid Alsweilem, a former official at the Saudi central bank and now at Harvard University, . . . wrote in a Harvard report that Saudi Arabia would have an extra trillion of assets by now if it had adopted the Norwegian model of a sovereign wealth fund to recyle the money instead of treating it as a piggy bank for the finance ministry. The report has caused [a] storm in Riyadh.
"We were lucky before because the oil price recovered in time. But we can't count on that again," he said.
OPEC have left matters too late, though perhaps there is little they could have done to combat the advances of American technology.
In hindsight, it was a strategic error to hold prices so high, for so long, allowing shale frackers - and the solar industry - to come of age. The genie cannot be put back in the bottle.That's a funny aside about allowing solar to "come of age," though. I'm afraid that genie has only begun to think of peeking over the edge of the bottle.