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Saudi Aramco announced a cut in capital expenditures from $35–40 billion planned to $25–30 billion. [58] The government also increased its debt ceiling from 30 to 50 percent of GDP, due to both oil prices and the impact of the pandemic, and planned to cut its spending by 5 percent as its budget deficit was expected to increase from 6 to 9 ...
The International Monetary Fund estimates that Saudi Arabia needs an oil price of around $80 a barrel to avoid running a deficit. Benchmark U.S. crude oil for September delivery rose $1.27 to $82. ...
Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion ...
Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to a planned sale of shares in national oil giant Saudi Aramco, a ...
The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP. [18] Saudi Arabia's oil reserves and production are largely managed by the state-owned corporation Saudi Aramco. [19] Another 40% of the GDP comes from the private sector.
In November 1988, a royal decree created a new Saudi Arab company, the Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco) [28] and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three ...
Saudi Arabia has revised its forecast for this year's budget deficit to 2.7% of GDP from 4.9% and is aiming for a further cut next year, its preliminary 2022 budget statement said, highlighting ...
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.