Saudi Arabia is better equipped to wait out currently low oil prices than other producers, Saudi Aramco Chairman Khalid al-Falih said on Monday, adding that he expected a more stable Continue Reading
Confronting a drop in oil prices and mounting regional turmoil, Saudi Arabia reduced energy subsidies and allocated the biggest part of government spending in next year’s budget to defense and Continue Reading
Saudi Arabia Aims to Cut Spending Saudi Arabia, the world’s biggest crude exporter, continues to cut its dependence on oil revenue due to the slump in oil prices, even as Continue Reading
Saudi Arabia Aims to Cut Spending Saudi Arabia expects to post a budget deficit of 367 billion riyals ($98 billion) as spending came higher than targeted and revenue dropped amid Continue Reading
Total oil revenues for Saudi Arabia for the year are expected to be 23 percent less than the previous fiscal year, the Finance Ministry said Monday. The ministry reported total Continue Reading
With more than 2 million barrels of oil per day expected on the market, an Iranian energy director said the country is ready to take a larger market share. “Iran Continue Reading
Saudi Arabia on Monday unveiled plans to cut expenditures and sharply raised domestic fuel prices as the world’s top oil exporter attempts to cope with a new era of cheap Continue Reading
Saudi Arabia on Monday sharply raised domestic fuel prices, according to the official Saudi press agency, shortly after the world’s top crude exporter said it plans to adjust subsidies for Continue Reading
Image copyright Saudi Arabia’s budget deficit soared to $98bn (£65.7bn) this year as the world’s biggest oil exporter counted the cost of falling crude prices. In the first budget under Continue Reading
Saudi Arabian stocks declined the most in two weeks after the kingdom announced one of its biggest shake-ups in economic policy. Forward contracts for the riyal were poised for the Continue Reading
