SOURCE: SAMA, IMF, MEES.
• Saudi crude oil revenues fell to a 12-year low of $132bn in 2016, despite the country posting record high output of 10.36mn b/d (MEES, 6 January).
• Despite this the country has looked to the long-term and barely let up on upstream capital spending. The country ran a record monthly average of 125 drilling rigs in 2016 (MEES, 27 January).
• As a result it posted a whopping $79bn budget deficit, a figure that is...