Photo: Nariman El-Mofty / AP
The budget revenue of Saudi Arabia in the second quarter fell 49 per cent compared to the same period last year, writes Bloomberg.
The country does not have missing money due to pandemic coronavirus and low oil prices. Revenues from raw materials in the second quarter fell 45 percent to 95.7 billion riyals (around $ 22.5 billion). Non-oil revenues fell by 55 percent.
During the crisis the government is trying to reduce costs. They decreased by 17 percent compared to preliminar 2019. However, the quarterly deficit still increased three times compared to the first quarter was 109.2 billion riyals (25.8 billion dollars). Economists argue that it could rise to 15 percent of GDP by the end of the year — high in 2014.
In July it became known that the Kingdom earned 23.9 billion riyals (6.4 billion dollars) at the expense of export of oil in may. This is 60 percent less compared to the average % to 16.8 billion dollars.
June 6, OPEC countries agree on the extension of the reduction of oil production at almost maximum volume. Production will remain at 9.7 million barrels per day by the end of July.
Video, photo All from Russia.