📊 MACRO SHIFT
🇸🇦 Saudi Arabia’s deficit widened to $25.28B in Q4 2025.
⚠️ Why it matters:
• Less surplus oil revenue flowing into global markets
• Reduced “petrodollar recycling”
• Tighter dollar liquidity conditions
🧠 Bigger picture:
Instead of supplying global liquidity, the kingdom is now absorbing it — a subtle but important shift for the eurodollar system.
📉 Implication:
Less liquidity = more pressure on risk assets over time.