The price of Brent crude, the global oil standard, rose to $78.77 per barrel today, Friday, January 5, 2024, and this rise comes due to tensions in the Middle East.
Saudi Arabia is the second largest oil producer in the world after the United States of America, and the Kingdom benefits from the significant rise in oil prices, as oil revenues represent the main percentage of government revenues.
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The rise in oil prices will increase economic growth in the Kingdom of Saudi Arabia by a percentage point in 2024 and reduce the budget deficit.
The following are some of the benefits that accrue to Saudi Arabia from the rise in oil prices:
Increasing government revenues will therefore help finance government spending on social and economic development programs.
Reduced fiscal deficit: High oil prices will reduce the fiscal deficit in the Saudi budget for the year 2024.
Oil prices are expected to stabilize in 2024 at the level of $75, as demand for oil is expected to remain weak in light of global anti-inflation measures.
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2024-01-05 17:50:01
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