Low Oil Prices Force Saudi Arabia to Tap More Debt ...Middle East

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget.   Brent Crude oil prices have declined by about 8% since the beginning of the year, at around $69 a barrel as of early Tuesday, additionally straining Saudi Arabia’s public finances, which rely the most on oil income to have more money to spend on projects to diversify the economy.   Earlier this year, Saudi Arabia’s…

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