system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Why are Middle East countries apparently going broke today over the current price of oil when it was selling in this same range as recently as 2004 (when adjusted for inflation)?

Various websites are reporting the Saudis and other Middle East countries are going to go broke in 5 years if oil remains at its current price level.  Oil was selling for the same price in 2004 and those countries were apparently operating fine then.  What's changed in 10 years?

UPDATE: I had no idea this would make it to the front page (page 2 now).  Thanks for all the great responses, there have been several that really make sense.  Basically, though, they're just living outside their means for the time being which may or may not have long term negative consequences depending on future prices and competition.
gpt
They adjusted their budget to match their income. The Saudis are determined to maintain market share. They are selling the same volume of oil accepting a lower price. So their spending budget is now greater than their income. They have plenty of reserves and they are adjusting their budget slowly.