Part 4/8:
As the reality of diminishing oil prices set in, Saudi Arabia grappled with extensive debts stemming from its extravagant expenditures. The once-flourishing projects that symbolized its ambition were increasingly seen as burdens rather than innovations. With oil prices plummeting to around $60 per barrel—significantly lower than the breakeven price of approximately $110 required for budget balance—the kingdom faced a looming budget deficit estimated at $67 billion for the year. This financial strain was compounded by geopolitical dynamics and competition with U.S. shale production, which undermined OPEC's control over global pricing.