Saudi Arabia's Fiscal Challenges

This is a Saudi Arabia news story, published by CNBC, that relates primarily to Farouk Soussa news.

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budget deficit

CNBC

•

World

Tanking oil prices could more than double Saudi Arabia's deficit to $75 billion and threaten spending plans: Goldman Sachs economist

Summary

Nutrition label

79% Informative

Crashing oil prices triggered by waning demand, global trade war fears and growing crude supply could more than double Saudi Arabia's 2024 budget deficit of $30.8 billion .

Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the IMF estimates.

"The deficits on the fiscal side that we're likely to see in the GCC ( Gulf Cooperation Council ) countries, especially big countries like Saudi Arabia , are going to be pretty significant," Goldman Sachs' Farouk Soussa said.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

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Offensive language

not offensive

Hate speech

not hateful