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The sources mentioned that the government is committed to following the plan, whereby OPEC+ will start easing oil production restrictions from December 1, even if it results in an extended period of low oil prices. Previously, the supply increase was planned to begin on October 1, but was delayed by two months because of unfavorable market conditions.
Brent crude maintained an average of $99 per barrel in 2022, hitting an eight-year peak, but has since dropped considerably. On Thursday, the price of Brent crude oil was $72 per barrel.
Experts from the International Monetary Fund predict that Saudi Arabia's budget will break even at approximately $100 per barrel. Nevertheless, insiders have revealed that the authorities in the country are reluctant to lose market share to rival companies any longer. They are confident that the kingdom can rely on other means of funding, such as foreign exchange reserves and issuing government bonds.
source: ft.com
Brent crude maintained an average of $99 per barrel in 2022, hitting an eight-year peak, but has since dropped considerably. On Thursday, the price of Brent crude oil was $72 per barrel.
Experts from the International Monetary Fund predict that Saudi Arabia's budget will break even at approximately $100 per barrel. Nevertheless, insiders have revealed that the authorities in the country are reluctant to lose market share to rival companies any longer. They are confident that the kingdom can rely on other means of funding, such as foreign exchange reserves and issuing government bonds.
source: ft.com