CUE WORLD’S SMALLEST VIOLIN: Saudi chops wage, benefit bill in delicate pursuit of austerity.

Along with reductions unveiled on Monday that will affect all public sector workers, the cuts also flag to financial markets before a debut sovereign bond issue that the oil exporter is committed to budget discipline.

The measures appear largely to formalize savings introduced ad hoc in parts of the state apparatus since last year, but their announcement on state media, which gave an official start date of Oct 1., is not without political risk.

In a country that has no elections and where political legitimacy rests partly on distribution of oil revenue, the ability of citizens to adapt to reforms aimed at reducing oil dependence and improving self-reliance is crucial for stability.

Some Saudis appeared prepared to accept austerity following the signal that ministers would share the pain.

They aren’t thanking any frackers in Saudi Arabia.

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