Saudi Arabia appears to be more upbeat about the immediate future of oil prices than fundamentals warrant, according to Goldman Sachs analysts. These have calculated that the Saudi budget plan is based on a Brent average of $50 a barrel between 2020 and 2023, according to Bloomberg. “Using our own estimates for the breakdown of government revenues, we calculate that the numbers presented in the budget statement are based on an average oil price of around $50 a barrel between 2020 and 2023,” one UK-based Goldman analyst told Bloomberg. However, even at $50 a barrel, which is far from certain, Brent would be cheaper than Saudi Arabia needs it to be to shrink its deficit. Even the Saudis themselves have acknowledged the effect the pandemic has had on their finances. In a recent update, the governor of the Saudi Arabian Monetary Authority said the financial outlook for the year […]