Saudi Arabia Is Seen Planning Budget Around Sub-$80 Oil for 2023
- Finance Ministry says it’s relying on ‘conservative standards’
- Saudi budget surplus set to shrink next year as spending rises
Skyscrapers in Riyadh, Saudi Arabia.
Photographer: Waseem Obaidi/Bloomberg
This article is for subscribers only.
Saudi Arabia is budgeting for Brent oil at around $76 a barrel next year, according to Al Rajhi Capital, an outlook in line with current forward prices but far more bearish than expected by analysts.
The Finance Ministry said in a preliminary budget statement on Friday that it projects revenues next year at 1.12 trillion riyals ($298 billion), higher than a previous estimate published in December of 968 billion riyals. It envisages a budget surplus of 9 billion riyals, lower than estimated earlier.