FILE – In this Monday, Sept. 14, 2015 file photo, a Saudi youth checks his phone while riding a scooter on the corniche of Jeddah, one of the lesser conservative cites in Saudi Arabia.
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Vehicles thronged petrol stations in Saudi Arabia Monday evening to fill up tanks at the old rates.
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The increase in the price of these utilities, the first in several years, took many by surprise.
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The price of lower-grade petrol will surge by 67 per cent to 0.75 riyals ($0.20) from 0.45 riyals per litre. They include unprecedented cuts to public subsidies on fuel, power and water.
This is the second deficit year in a row for Saudi Arabia, and Riyadh is expected to announce another shortfall when it unveils its 2016 budget.
There could also be a potentially steep drop in oil prices as markets assess the willingness of the world’s biggest crude exporter to maintain market share at all costs. “It’s very clear that Saudi Arabia will continue with its oil policy of defending its market share in 2016 as it prepared itself for low oil price environment”.
USA benchmark West Texas Intermediate (WTI) for delivery in February was down 34 cents at $37.76 and Brent crude for February was trading 12 cents lower at $37.77 a barrel at around 0635 GMT.
The 2016 budget projects revenues at 514 billion riyals ($137 billion), down from 608 billion riyals ($162 billion) in 2015, when oil revenues accounted for 73 per cent of the total.
Saudi Arabia is finally having its Alberta moment – with oil stuck in the deep-discount corner, the kingdom’s 2016 budget is all about deficit, belt-tightening and new taxes.
The budget is the first under King Salman, who ascended to the throne in January, and an economic council dominated by son, Deputy Crown Prince Mohammed bin Salman.
“Government expenditure is a key driver of growth in Saudi Arabia, so a cut in spending will certainly feed through to domestic output and earnings”, Akber Khan, the director of asset management at Doha-based Al Rayan Investment, which manages about $900 million, said by telephone before Saudi Arabia announced its budget.
The government incurred a deficit of SR367 billion ($97.9 billion) or 15 percent of gross domestic product in 2015, officials said. This is 23 per cent less than oil revenue during the previous year.
“Next year will see continued administrative and fiscal reforms”, Fakeih, the economy minister, said.
Analysts identified positive elements to the budget announcement, Reuters reported, including that the 267 riyal deficit was lower than the 400-450bn feared, and the planned cut in 2016 spending was smaller.
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The International Monetary Fund (IMF) said that if Saudi Arabia raises its fuel prices, the country could save Dollars 17 billion annually.
