The oil glut is causing Saudi Arabia to cut spending

REUTERS/Faisal Al Nasser Saudi Arabia increased its exports of oil during October, shipping out more crude than it had in the previous four months, aggravating a supply glut that has severely depressed oil prices and revenues to oil producers. But the desert kingdom reportedly is working on a strategy to rework its economy in part through spending reforms and privatizing state-owned industries in an effort to weather what it sees as a temporary drop in oil’s value. Crude exports from Saudi Ara...