🧵 1. Saudi Arabia faces rising fiscal breakeven oil prices due to ambitious spending projects as part of Vision 2030, forecasted to reach $96 per barrel in 2024. #business
🧵 1. Saudi Arabia faces rising fiscal breakeven oil prices due to ambitious spending projects as part of Vision 2030, forecasted to reach $96 per barrel in 2024. #business
🧵 2. IMF predicts a fiscal deficit for Saudi in 2024, with breakeven oil price at $96.20, a 32% increase from current prices, impacting budget plans.
🧵 3. Saudi's fiscal challenges intensify with looming budgetary needs for Vision 2030 projects and major events like World Cup 2034, projecting even higher breakeven oil prices.
🧵 4. Global oil market dynamics, including increased supply from various countries and potential lower growth in oil consumption in key markets, further stress Saudi's financial outlook.
🧵 5. Nomura Asset Management forecasts Saudi's breakeven oil price, factoring in Public Investment Fund spending, to potentially reach $112 per barrel, underscoring fiscal constraints amid high government expenditures.
🧵 Read more at: https://www.cnbc.com/2024/09/05/saudi-arabias-fiscal-breakeven-oil-price-is-rising-fast.html