Saudis have shot themselves in the foot dumping oil to damage U.S. shale oil producers, and now must borrow to cover their soaring deficit

Poetic justice: Saudi Arabia has flooded the world market with crude oil in order to drive down the price in an attempt to drive U.S. producers of expensive shale oil out of business. But the supply chain can only absorb only so much oil, and the price drop has severely hurt the Saudi bottom line, so much so that they are running a government deficit and will actually have to enter the international debt market to run the country this year. And crude prices look to be heading back up by the end of the year.

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Saudi 'to borrow to finance soaring deficit', says report
April 8, 2015

Riyadh (AFP) - The Saudi budget deficit will be more than twice its own forecast, a leading research firm has said, forcing the kingdom into the debt market for the first time in more than a decade.

Hit by plunging crude prices, the world's biggest oil exporter will post a deficit of $106 billion, compared with a government projection of $39 billion, Saudi firm Jadwa Research said in a report released late Tuesday.

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http://news.yahoo.com/saudi-borrow-finance-soaring-deficit-says-report-111142510.html

See also:
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Saudi Arabia boosts crude oil production to highest level on record
Output reaches 10.3m barrels a day in March as kingdom responds to unexpectedly strong global demand
Reuters - 7 April 2015
http://www.theguardian.com/business/2015/apr/08/saudi-arabia-boosts-crude-oil-production-to-highest-level-on-record
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And also:
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ConocoPhillips CEO Bets Farm on Shale, Sees Oil Rebound
Bradley Olson - April 8, 2015
http://www.bloomberg.com/news/articles/2015-04-08/conocophillips-ceo-bets-farm-on-shale-sees-oil-rebound