Saudi Arabia has presented the most detailed budget in its history, determined to show it is succeeding in bringing down the deficit and weaning itself off oil. Following months of unpopular austerity measures, from public-sector wage cuts to lower subsidies on gasoline, the world’s largest oil exporter said on Thursday it reduced spending by 16 percent this year and narrowed its budget deficit by more than expected. What’s more, it forecasts the shortfall will drop again next year as revenue improves and may even turn to a surplus as early as 2019, according to its most optimistic scenario. The plans are a culmination of a year that saw the biggest overhaul in Saudi history, as Deputy Crown Prince Mohammed bin Salman, the son of King Salman, charted out a strategy to end the kingdom’s “addiction” to oil. Even though Brent crude […]