Commodities
Saudi Arabia Needs Oil Price Near $100, IMF Says
- IMF raises fiscal break-even to $96.20 after Saudi supply cuts
- The kingdom is spending huge amounts to transform its economy
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Saudi Arabia will need a higher oil price than previously thought this year as the OPEC+ leader spearheads the group’s production cuts, according to the International Monetary Fund.
Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday.