Saudi projects huge deficit as oil price drop bites - Business Insider

Saudi projects huge deficit as oil price drop bites - Business Insider:



"Saudi Arabia announced a 2015 budget with a huge deficit Thursday as the world's largest crude exporter begins to feel the impact of its own decision not to shore up oil prices.



The government announced the $38.6 billion deficit in a statement read on state-run television, adding that it would nonetheless boost projected spending by tapping its vast financial reserves.



The lead producer in the Organization of the Petroleum Exporting Countries, Saudi Arabia has insisted the cartel will not move to strengthen global oil prices despite a drop of nearly 50 percent since June."



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