Saudi Arabia’s finance minister has warned the kingdom needs to make “extreme” spending cuts to manage the economy during the COVID-19 crisis and oil price crash. “It is very important to take strict and extreme measures, which may be painful, but are necessary for public financial stability,” finance minister Mohammed al-Jadaan said Saturday in a televised interview with state-backed news organization Al-Arabiya. “We began the year with oil prices higher than $60 per barrel; these days we are seeing the numbers near $20. This huge drop leads to oil revenues dropping by more than half.” Saudi Arabia’s total revenues for 1Q were Riyal 192 billion ($51 billion) – […]