Title : Saudi Arabia Announces A Record Budget -- December 20, 2018
link : Saudi Arabia Announces A Record Budget -- December 20, 2018
Saudi Arabia Announces A Record Budget -- December 20, 2018
Prior to this news story, it was forecast that Saudi's "break-even" price for oil is $84/bbl going into 2019. Let's see if this story provides the "new" "break-even" price for Saudi Arabia.From oilprice:
- Saudi Arabia's proposed 2019 budget: almost $300 billion
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- seven percent (7%) more than 2018
- breaks all previous spending records for Saudi Arabia
- includes a hefty bill for cost-of-living allowances introduced this year
- those allowances add an estimated $13 billion
- the deficit will go to 4.2%; previous forecast at 2%
- the sixth straight year of budget deficits for the kingdom
- this year's (2018) deficit projected to be 4.6%
- finally, at the end of the article, the break-even is estimated to be $88 but it's not clear if that takes into account all the new information
- OPEC basket and Brent are each trading at around $55
- simple arithmetic suggests that Saudi Arabia could be selling each bbl of oil at a loss of $33/bbl -- yes, I know
Thus Article Saudi Arabia Announces A Record Budget -- December 20, 2018
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