Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-02-14 14:05:00

SAUDI BUDGET INSULATED

SAUDI BUDGET INSULATED

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. While the oil price assumption was not specified in Saudi Arabia's budget, the budget was crafted in December 2014, when crude oil prices were between $55 and $70 dollars per barrel.

SAUDI ARABIA BUDGET & OIL PRICES

 

In addition to having the second-largest proved oil reserves—268 billion barrels, or 16%, of the world total in 2014, behind only Venezuela's 298 billion barrels—Saudi Arabia has a massive sovereign wealth fund (SWF) that will enable it to weather lower oil prices. To maintain spending at the same level as in the past, Saudi Arabia would need to tap its SWF, which currently has $733 billion, or about 19 times its expected 2015 budget shortfall of $39 billion. Consequently, the short-term effect of lower oil prices on Saudi Arabia should be minimal. In contrast, OPEC's decision to keep crude oil production near present levels, keeping supply high and prices low, has affected the budgets of members that lack Saudi Arabia's financial reserves.

If oil prices remain low for an extended period and spending levels remain similar to recent history, Saudi Arabia will continue to run a budget deficit. Even with the SWF, Saudi Arabia's ability to grow, strengthen, and even diversify its economy depends on a steady stream of revenue from the sale of this oil over the long term.

eia.gov

 

Tags: SAUDI, BUDGET, OIL, PRICES

Chronicle:

SAUDI BUDGET INSULATED
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

SAUDI BUDGET INSULATED
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

SAUDI BUDGET INSULATED
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

SAUDI BUDGET INSULATED
2018, October, 17, 09:50:00

NORWAY'S DEFENCE

BLOOMBERG - The wealth fund’s initial case had focused on limiting Norway’s exposure to a drop in oil prices, given its status as western Europe’s biggest petroleum producer. When the proposal was first made last year, it rocked markets, and drew responses from a number of major investors.

All Publications »