#Saudi deficit contained in third-quarter despite 25% oil revenue drop - Reuters

Saudi deficit contained in third-quarter despite 25% oil revenue drop - Reuters:

Saudi Arabia posted a fiscal deficit of 32.1 billion riyals ($8.56 billion) in the third quarter this year, a big jump from the 7.3 billion riyals during the same period last year but 4% less than the previous quarter.

The finances of the Gulf state, the world’s largest oil exporter, have been hurt this year because of low crude prices and OPEC-led production cuts.

Oil revenues dropped to 131.8 billion riyals from 174.9 billion riyals the previous quarter, a 24.6% drop, a statement issued by the Saudi ministry of finance showed.