The Finance Ministry did not disclose the average oil price assumed in its 2016 budget calculations but economists estimated it was about $40 a barrel and saw crude production remaining high at above 10 million barrels per day next year.
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The International Monetary Fund had projected the 2015 deficit to be around $130 billion and other reports also put it above $100 billion.
Revenues next year are forecast at 514 billion riyals, down from 608 billion riyals in 2015.
Russian Energy Minister Alexander Novak said in an interview this week aired on a Russian television channel Saudi Arabia was to blame for the collapse in crude oil prices, Oil Gas Daily reported.
Spending this year came in at $260 billion, the ministry said, nearly equal to 2013 expenditures and down 6.6 percent from 2014.
Petrol prices will rise by 50 per cent in the country from December 29, while fuels such as diesel and kerosene and utility charges are also likely to rise.
Jadwa expected the Saudi government to announce a National Transformation Programme (NTP) in January to outline further plans to boost non-oil income. “Saudi petchem producers have lost the cost advantage, and they can not pass on this cost in their prices to end-users because that is determined by market forces of demand and supply”, said Iyad Ghulam, analyst at NCB Capital. Revenue from oil sales in 2015 will drop 23 percent to 444.5 billion riyals, according to the finance ministry statement.
Energy, water and electricity prices will be “gradually” lifted over the next five years, with the aim of minimising the negative effects on “low and mid-income citizens and the competitiveness of the business sector”.
“In recent days we have been seeing pretty big moves again in the rouble to new record lows as we move to year end”, said Nomura’s Tim Ash, adding this was partially due to the rouble catching up with the decline in oil prices.
The plan suggests the kingdom is not counting on a major recovery of oil prices any time soon, but is instead preparing for years of cheap oil.
Spending on military and security projects reached 20bn riyals in 2015, Saudi Arabia said, following its intervention in Yemen as well as action against militant group Islamic State.
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Public Debt Government bonds were issued to the local financial market during the current fiscal year, totaling SR 98 billion.
