Saudi Arabia Is Not Spending Its Oil Windfall ...Middle East

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Saudi Arabia Is Not Spending Its Oil Windfall
source : OILPRICE ( Middle East ) () 11
Saudi Arabia, the world’s top crude oil exporter, will hold the huge revenues it is currently receiving at $100-plus oil in its current account and will not immediately spend it on development, growth, and diversification projects as it did in the past boom cycles for oil prices. After years of budget deficits when oil prices slumped in 2015-2016 and in 2020, the Kingdom is now enjoying a budget surplus, but it is not in a hurry to boost government spending, Bloomberg reports. “The surplus achieved in Q1 is shown in the government current…

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