Otmane El Rhazi from Today in Energy.
Saudi Arabia is the largest exporter of crude oil and other petroleum liquids in the world, and their oil exports accounted for 89% of the country's total revenue in 2014. The recent decline in global oil prices is decreasing the value of these exports, leading to a potential budget shortfall. In its 2015 budget, Saudi Arabia plans to spend about $230 billion, but expects to take in $190.7 billion in revenue resulting in an overall deficit of $38.6 billion.
Saudi Arabia is the largest exporter of crude oil and other petroleum liquids in the world, and their oil exports accounted for 89% of the country's total revenue in 2014. The recent decline in global oil prices is decreasing the value of these exports, leading to a potential budget shortfall. In its 2015 budget, Saudi Arabia plans to spend about $230 billion, but expects to take in $190.7 billion in revenue resulting in an overall deficit of $38.6 billion.
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