Budget 2018-19

  Total revenue was 58.2 billion riyals ($15.5 billion), down from 80.8 billion riyals a year earlier, according to a statement from the General Authority for Statistics Saudi Arabia’s exports fell by more than a quarter in November compared with a year ago, driven by another drop in oil demand. Total revenue was 58.2 billion riyals ($15.5 billion), down from 80.8 billion riyals a year earlier, according to a statement from the General Authority for Statistics. Oil exports fell 39.8 per cent during the month. Meanwhile, Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude. OPEC’s second-biggest producer will pump around 3.6 million barrels daily for the two months, according to Ali Nizar, the deputy head of SOMO. That would be the lowest level since 2015 and compares with around 3.85 million in December, according to data compiled by Bloomberg. Exports, including those...

  CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices TOKYO (Reuters) – Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7%, to $39.29. The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months. “It is important to keep in mind that moves to the downside have the potential to be supersized,” given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York. CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices in the coming months and potentially years. Weighing heavily on mark...