Tuesday, January 31, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Politics

Impact of oil, Covid-19 on Saudi budget revealed as revenue slides

July 29, 2020
in Politics
Impact of oil, Covid-19 on Saudi budget revealed as revenue slides
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Oil sinks on weak US economic data, uncertain politics

NOONAN | Oil & gas law only works if we let it

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.

Oil revenue was down 45% in the second quarter from the same period last year to 95.7 billion riyals ($25.5 billion), according to budget data released by the Finance Ministry on Tuesday. Non-oil revenue drawn from sources like taxes and fees declined by 55%.

The deficit more than tripled from the first quarter to 109.2 billion riyals even though authorities cut spending by 17% compared with a year earlier.

“A widening in the deficit was expected with the Covid-19 development, both on the income and non-income side,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “The government has been proactive with the austerity measures they’ve introduced. Oil revenue will be critical for reducing the fiscal shortfall.”

Steady its finances

Facing a twin crisis from the coronavirus pandemic and oil market turmoil, the government has taken unprecedented measures to steady its finances, including tripling value-added tax, increasing import fees, and cancelling some benefits for government workers.

Some economists say the budget deficit could widen to 15% of gross domestic product this year, comparable to the levels it reached after the last oil rout of 2014.

But Finance Minister Mohammed Al Jadaan has said the world’s largest oil exporter “is not in austerity” and described changes in spending as a reallocation in outlays.

“Although recent fiscal measures should help limit the kingdom’s fiscal financing requirements in the second half, we expect a full year fiscal deficit of 10.9% of GDP,” said Bilal Khan, head of economic research for the Middle East, North Africa and Pakistan at Standard Chartered Plc in Dubai.

Also on Tuesday, Saudi Arabia’s central bank released a report showing that its net foreign assets had declined by 0.4% in June, reaching 1.66 trillion riyals ($443 billion). That’s the lowest level since 2010.

Other key points from the new budget data include:

  • The budget shortfall in the first half of the year was equivalent to nearly 77% of the government’s full-year deficit target
  • The biggest spending cut came from capital expenditures, which fell by 52% in the second quarter year-on-year, followed by spending on social benefits with a drop of 48%
  • Spending on the compensation of government employees declined 4% in the second quarter as officials continue to try to trim the public sector wage bill
  • A spending breakdown by sector for the first half of the year showed that military spending – the largest budget item after education – declined by 8% compared with the same period last year
  • Spending on a category labelled “health and social development” fell by 22% in the first half – though the government noted that expenditure on health services alone increased by 24% during the same period, as authorities expanded health care outlays during the pandemic.





Read More: Impact of oil, Covid-19 on Saudi budget revealed as revenue slides

Tags: budgetBudget Deficitcoronavirus pandemicCovid-19 ImpactCOVID19Fiscal DeficitGovernment RevenuesimpactMinistry Of Finance - Saudi ArabiaMohammed Al JadaanNon-oil RevenueoilOil priceOil RevenuePolitics & EconomicsRevealedRevenueSaudiSaudi ArabiaSaudi BudgetSaudi EconomySaudi Governmentslides

Related Posts

Oil sinks on weak US economic data, uncertain politics
Politics

Oil sinks on weak US economic data, uncertain politics

by Oil Market
July 31, 2020
0

Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with...

Read more
NOONAN | Oil & gas law only works if we let it
Politics

NOONAN | Oil & gas law only works if we let it

by Oil Market
July 30, 2020
0

Paula Noonan Ozone is back in full non-compliance force according to electronic signs on Colorado’s roadways and reports from...

Read more
Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News
Politics

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

by Oil Market
July 28, 2020
0

By Oil City Staff on July 27, 2020Wyoming Governor Mark Gordon speaks during a Wednesday, July 8 press conference....

Read more
Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News
Politics

Gov Gordon to hold live COVID update on Tuesday – Casper, WY Oil City News

by Oil Market
July 28, 2020
0

By Oil City Staff on July 27, 2020Wyoming Governor Mark Gordon speaks during a Wednesday, July 8 press conference....

Read more
Polis says oil and gas, environmental groups brokered cease-fire on ballot
Politics

Polis says oil and gas, environmental groups brokered cease-fire on ballot

by Oil Market
July 26, 2020
0

Gov. Jared Polis said a deal has been brokered to hold off on new ballot initiatives between environmental groups...

Read more
North Korea accused of breaching UN oil import limits
Politics

North Korea accused of breaching UN oil import limits

by Oil Market
July 25, 2020
0

NEW YORK (Kyodo) -- More than 40 countries, including the United States and Japan, on Friday reported to a...

Read more
Next Post
Tullow to Book $1.7B Impairment. Lowers Oil Price Forecast

Tullow to Book $1.7B Impairment. Lowers Oil Price Forecast

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Q2 oil conference calls to focus on 2020 production, H2 activity as

Q2 oil conference calls to focus on 2020 production, H2 activity as

3 years ago
Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

3 years ago
Covid-19 killing oil workers at an unparalleled pace in Mexico

Covid-19 killing oil workers at an unparalleled pace in Mexico

3 years ago
Aberdeen should use decommissioned oil platform as ‘first class tourist

Aberdeen should use decommissioned oil platform as ‘first class tourist

3 years ago
Saudi Arabia Eyes Total Dominance In Oil And Gas | OilPrice.com

Saudi Arabia Eyes Total Dominance In Oil And Gas | OilPrice.com

3 years ago
The Rise of Restoration: A focus on oil and gas abandonment

The Rise of Restoration: A focus on oil and gas abandonment

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com