contributors > SUSTG Team

Saudi Arabia's National Development Fund (NDF) plans to provide an extra $5.9bn to Saudi businesses on top of the $6.8 it usually disperses annually, according to reports, as the Kingdom looks to weather the economic headwinds created by the global Coronavirus pandemic and lower oil prices.

The SUSTG team wishes to express our warmest wishes on the occasion of the holy month of Ramadan.

With a bleak outlook for oil demand growth in 2020 by OPEC, and recent pledged cuts agreed to by the so-called OPEC+ group of producers last week, Saudi Arabia is set to produce about 2 million barrels per day less on average.

Oil prices fell for a third session on Wednesday on indices around the world, and U.S. crude futures tumbled to a 17-year low "as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic," according to Reuters.

Saudi Aramco announced its full-year 2019 financial results, delivering "strong profits and dividends despite a lower price environment and challenging margins in refining and chemicals," the company said in a press release.