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 revenue for fiscal year 2015 at $162 billion, an estimated 15 percent decline from budgeted revenues. Oil revenues are expected to reach $118 billion, a decline of 23 percent from the previous year. Lower crude oil prices, down more than 60 percent from mid-2014, are hurting economies from exporting nations like Saudi Arabia that depend heavily on crude oil prices. Saudi Arabia, considered the head of the Organization of Petroleum Exporting Countries, has defended its policy of robust crude oil production, saying it needed to protect its […]