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 King Salman, the kingdom said revenues reached 608bn riyals (£108.7bn; $162bn), down 15% on official expectations. Spending for the year hit 975bn riyals, some 13% more than forecast. Oil prices have plunged from a five-year high of $125 a barrel in March 2012 to just $37.18 now. Saudi Arabia said that oil revenues, which make up 77% of the total revenue figure for 2015, are down 23% compared to last year. It is the largest member of the Opec oil-producing cartel and has refused to cut output in order to raise prices in an attempt to put other producers – mainly US shale oil companies – out of business. Saudi thinks it can withstand low oil prices for longer […]