Saudi Arabia Spends Like Oil’s Still at $90 ...Middle East

Saudi Arabia is driving a faster-than-planned oil production ramp-up among the eight OPEC+ members that were keeping a cap on their output. Saudi Arabia is also raising its oil prices for Asian buyers amid falling benchmarks. This has confused some, even though the moves point in the same direction, of stronger demand down the road. Yet this stronger demand won’t help the Saudis avoid some fiscal pain. One often-cited figure when it comes to oil prices and Saudi Arabia’s budget is $90 per barrel. This is the price of Brent crude that…

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