Highlights 2022 revenues forecast at $279 billion, up 12% on year Al-Rajhi Capital calculates fiscal breakeven price of $65/b Kingdom says it seeks to gradually boost crude production Saudi Arabia expects to finally flip years of budget deficits, exacerbated by the coronavirus pandemic, into a surplus in 2022, on the back of the oil market’s recovery and rising crude production volumes, as well as a tightening of spending and higher taxes. Receive daily email alerts, subscriber notes & personalize your experience. Register Now As the world’s largest exporter of crude, Saudi Arabia’s economy is inextricably linked to the health of the global oil market, despite significant efforts to diversify and promote its private sector. In a budget statement issued late Dec. 12, the kingdom noted the role played by the OPEC+ alliance’s production cuts, along with the global rollout in vaccines, in supporting a 69.5% rise in Brent prices […]