Crashing crude price causes large budget deficit in Saudi Arabia

Saudi Arabia’s budget deficit soared to $98bn (£65.7bn) this year as the world’s biggest oil exporter counted the cost of falling crude prices. In the first budget under King Salman, the kingdom said revenues reached 608bn riyals (£108.7bn; $162bn), down 15% on official expectations. Spending for the year hit 975bn riyals, some 13% more than… Read More Crashing crude price causes large budget deficit in Saudi Arabia