Weak oil prices adds to strain on Saudi mega-projects

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The story "Weak oil prices adds to strain on Saudi mega-projects" was covered 2 days ago by Financial Times, a news publisher based in United States.

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Financial Times 2d ago

Weak oil prices adds to strain on Saudi mega-projects - Financial Times

Quick Summary:

Demand growth has been weak, oil output has increased elsewhere and some Opec+ members have pumped above their quotas, resulting in benchmark crude prices dropping to a three-year low of $68 per barrel this month.

Some projects under the Saudi Vision 2030 plan set out in 2016, such as resorts in the Red Sea, have begun operations, but many others under construction, including the futuristic desert development Neom, have faced cuts and delays.

The kingdom was no longer prepared to shoulder the biggest share of the cuts while other Opec+ members cheat, said people familiar with its thinking, and was prepared to endure lower oil prices as a result.