Oil cash set to boost Saudi Arabia’s sovereign wealth fund:
"Saudi Arabia is set to use surplus oil revenues to bolster the financial firepower of its $230bn Public Investment Fund, the sovereign wealth fund driving crown prince Mohammed bin Salman’s economic modernisation efforts. Should oil prices exceed the level required to balance the Saudi budget, any extra revenues would be funnelled into the PIF, said Mohammed Al Tuwaijri, the kingdom’s minister of economy and planning. “Whenever oil is above our break-even point, this will all go to the PIF,” he said in an interview, without disclosing what the kingdom regards as the level at which the fiscal balance is zero. “So in that sense they will have a lot of funding hopefully.”"
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