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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi Arabia needs an oil price of $ 80-85 to match its budget Logo

    Rocky
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    Saudi Arabia needs an oil price of $ 80-85 to match its budget  Logo  Empty Saudi Arabia needs an oil price of $ 80-85 to match its budget Logo

    Post by Rocky Tue 12 Feb 2019, 2:18 am

    Saudi Arabia needs an oil price of $ 80-85 to match its budget

    Saudi Arabia needs an oil price of $ 80-85 to match its budget  Logo  1487
    Logo 

    Saudi Arabia, the world's top oil exporter, will need a price of $ 80 to $ 85 a barrel for its budget this year, an IMF official said.
    The price of oil, which balances the revenues and expenditures of the Riyadh budget, depends on several factors, including the level of oil production, the volume of Saudi oil revenues being transferred to the budget, and the level of non-oil revenues this year.
    "But with the (2019) budget going to stay the same and everything remains unchanged, the break-even point will be around $ 80-85," said Jihad Azour, director of the Middle East and Central Asia department at the International Monetary Fund. "For the price of a barrel of oil.
    Oil prices fell more than 30 percent from a peak above $ 86 a barrel in October. Brent crude was trading around $ 62 a barrel on Monday.
    Such price volatility has had an impact on public finances and economic growth in all oil-exporting countries.
    "This will not affect their ability to finance themselves," Azour said. "When we look at Saudi Arabia, the spreads are very narrow, but it has an impact on the financial accounts."
    Saudi Arabia has increasingly borrowed from major debt markets after oil prices fell since mid-2014, and this has had no impact on the country's revenues.
    Azour said the increase in the kingdom's debt was not a matter of concern, especially when compared to the size of the country's foreign exchange reserves and in light of positive investor sentiment.
    After years of fiscal tightening and poor growth, Riyadh plans to increase state spending this year to boost the economy. Expenditure is expected to rise to a record high of 1.106 trillion riyals ($ 294.92 billion) from 1.030 trillion riyals in 2018.
    Azour said the Saudi government could provide additional incentives, but its top priority must remain budget control by 2023.


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