Saudi Arabia’s Budget Deficit Surged Before the Oil Price Crash ...Middle East

The recent oil price crash will surely hit Saudi Arabia’s state finances going forward, but the Kingdom already booked a hefty budget deficit for the first quarter, before oil prices dropped dramatically. During the first quarter of the year, the budget deficit of the world’s top crude oil exporter swelled to $15.6 billion (58.7 billion Saudi riyals), data from the Saudi Finance Ministry showed. That’s already more than half of the deficit the Kingdom had forecast for the full year in its FY 2025 budget statement— a deficit…

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