As oil drops past $30/barrel in today's trading oil producing economies are taking a beating as a whole. Saudi assets are diving with oil.

Saudi Arabia is likely to remain under scanner among many other oil producing economies as it has a fixed currency regime. Saudi Arabia's Real is pegged to US Dollar at 3.75 Real per Dollar. That peg is under extreme stress this year.

Gap between Real spot and forward steadily widening. 12 month real forward is being priced at 3.83 per Dollar, trading at all-time high. Similarly since mid-last year, as budget has gone haywire, cost to insure 5 year Saudi Arabia's debt has risen to 197 basis points as of now from just 60 basis points.

Except for two days, Saudi Arabia's stock market has plunged every day, bringing its loss to 20% for the year similar to oil's move. Since 2014 oil rout it has plunged close to 50%.