By: Economic & Finance Report
Saudi Arabia has been shortening its dependence on crude prices, even though they have been increasing the production of oil. Saudi Arabia’s budget for next year adheres to 70% of crude revenue.
The Saudi Arabia budget is the first budget in approximately a decade in which oil prices are less then $50/barrel. The truth of the matter is that the Saudi government is ready to face the reality of a declining of oil revenue an d so they have formatted their budget to be indicative of this. -SB