Oil crash could push Saudi Arabia's budget deficit to $67 bn: Goldman Sachs

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Oil crash could push Saudi Arabia's budget deficit to $67 bn: Goldman Sachs - Business Standard

Quick Summary:

Budget deficit will likely force Crown Prince Mohammed bin Salman to borrow more on global bond markets.

He bases his budget forecast on an average oil price this year of $62.“We’re going to see more borrowing and I do think there’s got to be a more aggressive re-prioritization when it comes to the projects,” he said.“They don’t shy away from these really difficult decisions.

Oil production increases under OPEC+’s new plans will do little to counter the revenue losses from lower prices, according to Daoud, who has reduced this year’s growth outlook for the $1.1 trillion economy to 2.6 per cent from 3 per cent.