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2018-05-02 13:30:00

SAUDIS NEED $85

SAUDIS NEED $85

REUTERS - Saudi Arabia is on track on to cut its budget deficit to 7 percent of gross domestic product this year, Finance Minister Mohammed al-Jadaan said on Wednesday.

Speaking at a conference in Riyadh, he also said first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the kingdom, whose economy contracted last year.

Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023.

"The budget performance in the first quarter of the year confirms that we are moving resolutely towards achieving our macroeconomic targets," Jadaan said, speaking in Arabic.

"The indicators reflect significant progress in fiscal balance targets, especially in light of achieving noticeable non-oil revenue growth and further enhancing spending efficiency."

He said savings in spending during the first quarter totaled 12 billion riyals.

The Finance Ministry said in December that it expected to increase spending to a record 978 billion riyals in 2018, up from actual spending of 926 billion riyals in 2017.

The original 2017 budget plan had estimated 890 billion riyals in spending.

Saudi Arabia, the world's top oil exporter, does not disclose the oil price assumptions behind its budget. An International Monetary Fund official told Reuters that the Gulf Arab state would need oil prices to average $85-$87 a barrel this year to balance its state budget.

($1 = 3.7502 riyals)

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Earlier:

 RUSSIA - OPEC DIMENSION
2018, April, 18, 13:12:00

RUSSIA - OPEC DIMENSION

PLATTS - Russia is committed to its OPEC pact with Saudi Arabia and will continue supplying Europe energy despite tensions with the West after US-led strikes on Bashar al-Assad's Syrian regime, said Vladimir Putin's spokesman.

 HARD OIL MARKET
2018, April, 13, 17:55:00

HARD OIL MARKET

BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.

 SAUDI'S FUNDING $11 BLN
2018, April, 13, 17:30:00

SAUDI'S FUNDING $11 BLN

REUTERS - Saudi Arabia has largely covered its hard currency funding needs for 2018 by completing this week’s $11 billion international bond issue, the head of the kingdom’s debt management office said.

 LONG-TERM OPEC COOPERATION
2018, April, 2, 09:25:00

LONG-TERM OPEC COOPERATION

SHANA - Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018. Cooperation on the part of a politically influential oil producer like Russia would add to the weight and influence of OPEC in global energy markets, both politically and in terms of decision-making.

 $70: INSUFFICIENT FOR INVESTMENTS
2018, March, 26, 07:55:00

$70: INSUFFICIENT FOR INVESTMENTS

BLOOMBERG - Oil’s recovery to almost $70 a barrel hasn’t been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia’s energy minister.

 SAUDIS - RUSSIA AGREEMENT
2018, February, 16, 23:30:00

SAUDIS - RUSSIA AGREEMENT

FT - Crude producers led by Saudi Arabia and Russia will aim to draft an agreement to formalise their partnership for oil market co-operation by the end of 2018, the UAE’s energy minister said.

 OPEC MARKET MANAGEMENT
2018, January, 24, 12:05:00

OPEC MARKET MANAGEMENT

PLATTS - "We need to see the confidence level of investors within the companies and financial community improving about the long-term prospects of the market, and that is why my guidance to my colleagues is that we should not limit our efforts to 2018," Saudi Energy Minister Khalid al-Falih said, just before he chaired a monitoring committee meeting in Oman.

 

 

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