Top oil exporter Saudi Arabia would still be able to balance its budget even if oil prices fall to less than $80 per barrel, Al Arabiya television reported Tuesday, citing the kingdom’s finance minister, Ibrahim Al-Assaf.
“As you know the oil revenues are affected by two factors; price and production…the price that leads to a balance (in the budget) is less than $80 per barrel,” Assaf told the Dubai-based channel, but declined to give further details.
Assaf said earlier Tuesday that the Gulf state will continue to experience strong growth this year and remains committed to its massive social spending program, even as the risks to the global economy remain high and the prospect of crude oil prices declining remains a threat.
