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Saudi Arabia Isn’t Getting Bullish About Oil for 2020 Budget

Saudi Aramco's Shaybah Oil Field
Photographer: Simon Dawson/Bloomberg
Updated on

A year after a rare bullish call on oil, Saudi Arabia isn’t counting on much of an uplift from crude prices in 2020.

The world’s biggest oil exporter has designed next year’s budget under the assumption that Brent will average about $65 per barrel, according to calculations by Ziad Daoud, Bloomberg’s chief economist in the Middle East. EFG Hermes puts the budget’s assumed oil price at $60 to $62, while Capital Economics has it between $55 and $60.