Oil prices spike as Saudi Arabia’s oil demand is hit

Oil prices are soaring to record highs as the country’s oil production has surged and its oil exports have soared.

Saudi Arabia is the world’s biggest oil exporter and the country is expected to need up to 7 billion barrels a day by 2020 to cover its energy needs.

The world’s largest producer of crude oil and natural gas has been battling chronic shortages in recent months due to a combination of poor weather conditions and a spike in production.

The kingdom is also in the midst of an economic and political crisis as the economy shrank to its lowest level in 25 years, and it has been forced to cut back on social programs and cut subsidies to the poor.