Saudi Arabia is reining in 2020 budget plans from this year's record high, but faces a growing spending defcit as it forecasts a 15pc drop in oil revenues next year. The government gives no reason for the expected fall in oil revenues to 513bn riyals ($136.8bn), but it is likely to refect the deepening of a pledged crude output cut that Saudi Arabia has made under the new Opec+ producer pact. This will extend a previous 1.2mn b/d cut to 2.1mn b/d, including a hefty additional voluntary Saudi cut of 400,000 b/d. The country's 2020 budget is thought to assume a $65/bl price for Brent crude.
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