Aramco Keeps $31 Billion Payout Amid Saudi Budget Deficit
- The generous payouts are crucial for the kingdom’s economy
- OPEC+ is seen extending oil output curbs in its next meeting
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Aramco kept its $31 billion dividend payout to the Saudi government and other investors despite lower profit, a boon for the kingdom’s economy as it struggles with a budget deficit.
The generous payouts from the world’s biggest oil exporter are becoming increasingly important for the Gulf state as crude prices remain below the levels it needs to balance its budget. Crown Prince Mohammed bin Salman is pursuing expensive ventures such as the futuristic project of Neom, making a big bet on tourism and seeking stakes in sporting leagues as he tries to transform the economy.