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 the kingdom keeps boosting production to defend its market share. The kingdom’s revenue from oil sales will make up about 70 percent of the budget next year, John Sfakianakis, a Riyadh-based economist and a former adviser to the government, said by phone. State revenue from oil will be 73 percent in 2015, compared with 89 percent in the previous year, according to a statement posted on the finance ministry website on Monday. “The kingdom reduced its dependency rate on […]