Investment bank Goldman Sachs said that its estimates indicate that Saudi Arabia expects in its initial budget, which was announced last week, that the price of oil will reach $ 50 a barrel during the next three years.
The Kingdom appears conservative in its oil price forecast, as Goldman Sachs expects prices to rise to $ 65 a barrel in 2021, according to Al Arabiya.
Goldman Sachs’ numbers are almost similar to the expectations of EFG Hermes, which said that the price of oil in the kingdom’s budget over the next year ranges between $ 50 and $ 55 a barrel.
The financial data for the Saudi budget for 2021 showed that the Kingdom aims to reduce the budget deficit to reach 0.4% of GDP by 2023, compared to 3% in 2022, 5.1% in 2021, and 12% in 2020.
The budget expects revenue growth in the medium term until 2023, to reach 928 billion riyals in 2023, compared to 864 billion riyals in 2022, and 846 billion riyals in 2021.
The data also indicates that the Kingdom aims to reduce its expenditures amounting to 1.068 trillion riyals this year, to 990 billion riyals next year, 955 billion riyals in 2022, and 941 billion riyals in 2023.
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