The OPEC member has been battling to reduce its deficit due to its dependence on oil revenues, and high spending on civil servant wages and subsidies
low oil price
Latest in low oil price
budget deficit
Oman’s first quarter deficit rises to 751.4 million rials
Public revenue was 1.82 billion rials at the end of March, down 30.5 percent compared with a year ago
Central Bank of the UAE
Central bank boss sees UAE economic growth returning in 2021
Abdulhamid Saeed Alahmadi says use of Covid stimulus fund drops by 50% from peak last year
bond market
Saudi Arabia returns to bond market in bid to boost finances
Gulf kingdom starts sale of a two-part dollar bond as countries in the region raise cash buffers to weather low oil prices and the coronavirus pandemic
crude oil output
Saudi Arabia and Russia express unity ahead of OPEC+ summit
OPEC+ will hold an online summit on January 4, while Riyadh and Moscow are due to hold talks in March
2021 Predictions
Collective wisdom or herd mentality
How optimism about a cyclical recovery is taking hold, tempered by concern over growing consensus and crowded positioning
low oil price
Saudis shield Aramco’s oil revenue forecasts after going public
Aramco has slashed spending, cut jobs, and is considering selling some assets
2020 budget deficit
Saudi Arabia cuts spending as 2020 budget deficit soars due to coronavirus
The kingdom expects to post a deficit of $79 billion this year, or 12% of GDP
2021 Predictions
MENA economic recovery set to be slowed by weak oil demand, says Fitch
Ratings agency says lower for longer oil prices could raise questions about the GCC’s long-term social and economic models
Aramco revenue
Video: The worst is over for Aramco even if oil prices stay at $45 per barrel, says analyst
Amena Bakr of Energy Intelligence Group says Aramco’s balance sheet shows its free cash flow is still positive and the company has room for taking on debt to fulfill dividend obligations.
Amin Nasser
Video: Saudi Aramco sticks with dividend even as profit slumps
Saudi Aramco is pressing ahead with a planned $75 billion in dividends this year, despite the slide in profits and rising debt as the kingdom battles a widening budget deficit.
Brent Crude
Video: Resurgence of virus outbreak in China darkens oil demand outlook
Oil futures are now sliding, reversing strong gains in New York and trading below $38 a barrel. Fresh signs of a second wave of the coronavirus are causing some to doubt the oil market’s recovery.
Coronavirus Pandemic
Video: Why oil prices can turn negative
On April 20th, the effects of the pandemic and a price war between Saudi Arabia and Russia forced oil prices to sink below zero and into the negative territory for the first time in history.
Brent Crude
Video: How the US oil price fell below zero
Worries about the level of demand and lack of available storage capacity pushed the price of benchmark US crude oil prices below zero.
coronavirus
Video: Global oil market in crisis amid virus lockdowns
Crude oil prices have fallen sharply as virus lockdowns cut demand.
crude oil
Video: The link between crude oil and natural gas
If crude oil prices remain depressed for a long time, natural gas prices will continue to rise.
Brent Crude
Video: Why Saudi Arabia launched an oil price war
Oil prices had one of their biggest ever falls after the effective collapse of an agreement between Saudi Arabia-led OPEC and Russia. The agreement was designed to support the market against the impact of coronavirus.