Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit
Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of sub-$50 oil prices in roughly a decade, Saudi posted a record deficit of approximately $98 billion (367 billion riyals) in 2015.

The Kingdom does not expect the depressed commodity environment to improve, and trimmed its 2016 budget by about 14% to about $225 billion overall (840 billion r...

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