Saudi Arabia Cuts Budget as Oil Prices Drain Coffers ; Finance Ministry Shaves Spending and Subsidies for Fuel, Water and PowerThe official Saudi media reported that the Finance Ministry wouldcut spending, adopt new taxes...Gladstone, Rick
RIYADH: Saudi Arabia and Azerbaijan have signed a comprehensive agreement focused on strengthening economic collaboration through the development of small and medium-sized enterprises, in a move that underscores both nations’ commitment to enhancing bilateral trade and investment. The memorandum of understa...
Saudi Arabia's oil minister dismissed the possibility Tuesday that major oil-producing countries will cut production to stabilize slumping crude prices. Anagreement between OPEC and non-OPEC countries to freeze production, however, still remains on the table. "A freeze is the beginning of a proces...
As the 19th biggest economy on the planet and the largest in the Arab world – accounting for around half the $1.6trn represented by the GCC, according to Tadawul data – Saudi Arabia is already a global behemoth. Tumbling oil prices and subsequent OPEC cuts in oil production this year, ho...
Does the breakeven oil price actually matter? But wait — fiscal breakeven prices are not always as important as people think they are, some economists and market analysts argue. And for Saudi Arabia, a range of options exist to manage deficits and less-than-ideal oil prices. ...
Those cuts might sound normal for any government that is running low on cash. But it's especially problematic in Saudi Arabia because the vast majority of Saudis work in the public sector. About 75% of the Saudi government's budgetcomes from oil. The price of oil has crashed from over ...
At least in the case of Saudi Arabia though, it seems to have built up ample financial reserves to cope with a very extended period of lower oil prices. “Though public spending has risen in recent years, Saudi Arabia’s foreign reserves have risen more,” wrote The Economist in this arti...
Why are America’s longtime allies, Saudi Arabia and the United Arab Emirates (UAE), supporting Russia by agreeing with it tocut oil productionin the OPEC+ format? The U.S. and other Western governments have asked the Saudis and Emiratis — the only OPEC oil producers believed to have spa...
Oil Prices Surge As U.S. and China Agree to Tariff Cuts Saudi Arabia Spends Like Oil’s Still at $90 The Real Reason China is Buying More Oil By signing up to our newsletter, you agree for your email address to be shared with our third party mail providers.More...
Saudi Arabia brought in the 5 percent VAT charge as well as cuts to fuel and electricity subsidies last month in an effort to balance its budget and decrease its dependency on oil revenues. Analysts said the impact of the VAT charge on inflation will be relatively short-term. ...