VOL. XLI
No. 28
13-July-1998
OPEC
Declining Oil Prices And Budget Revenues
In Saudi Arabia, the Council of Ministers has appointed a ministerial committeeto review and rationalize public sector expenditures in light of the sharp drop in oilrevenue. When the government first unveiled its 1998 budget, revenue was projected at$47.5bn and expenditure at $52.3bn, leaving a resulting deficit of $4.8bn. Although theSaudi authorities did not announce a specific oil price assumption in the budget, the...
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