Trump Wants Cheap Oil. IMF Data Show Saudis Need Higher Prices - Bloomberg:
Saudi Arabia needs oil prices to be higher than what U.S. President Donald Trump may be comfortable with as the government increases spending to bolster economic growth.
International Monetary Fund data released on Monday show the world’s biggest oil exporter needs prices at about $85 a barrel to balance its budget this year, up from a forecast of $73 in September.
The estimates highlight the tricky task facing Crown Prince Mohammed bin Salman as he tries to forge closer ties with Trump and, at the same time, finance a plan to revive economic growth and create jobs at home. The kingdom, which reiterated last week its commitment to balance its books by 2023, plans to increase spending by 7 percent this year.
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