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Saudi to log record fiscal deficit in 2015 on oil plunge

09 Sep 2015

(MENAFN) Saudi Arabia is expected to reel under its largest fiscal deficit this year because of a sharp decline in oil prices and higher spending, according to a local bank.

The break-even oil price needed for the Gulf kingdom to balance its budget through 2015 is around USD91.9 but actual crude prices could be as low as USD65 a barrel, said National Commercial Bank (NCB).

The sharp fall in oil prices is projected to depress Saudi Arabia’s actual revenue by a whopping 29 percent to USD197.48 billion this year from USD277.17 billion in 2014, NCB said in a study.

Meanwhile, actual spending is expected to shrink by only around seven percent to USD274.51 billion from USD293.16 billion registered in the same period of the previous year.

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