In Saudi Arabia, Crown Prince Mohammed bin Salman gave the green
light for the kingdom, the world’s top oil exporter, to pump at will
after Russia rejected an OPEC proposal for deeper cuts to cope with the
coronavirus outbreak, two sources familiar with the matter said.
The Saudi fiscal breakeven - the oil price at which it would balance its budget - is at around $80 a barrel, double that of Russia, said Malik at Tellimer.
Saudi Arabia enjoys foreign reserves of $500 billion and a low debt-to-GDP ratio of 25% that gives it ample room to borrow.
Read more: Russia vs Saudi: How much pain can they take in oil price war? - Reuters
The Saudi fiscal breakeven - the oil price at which it would balance its budget - is at around $80 a barrel, double that of Russia, said Malik at Tellimer.
Saudi Arabia enjoys foreign reserves of $500 billion and a low debt-to-GDP ratio of 25% that gives it ample room to borrow.
Read more: Russia vs Saudi: How much pain can they take in oil price war? - Reuters
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