Saudi Arabia Isn’t Getting Bullish About Oil for 2020 Budget - Bloomberg:
A year after a rare bullish call on oil, Saudi Arabia isn’t counting on much of an uplift from crude prices in 2020.
The world’s biggest oil exporter has designed next year’s budget under the assumption that Brent will average about $65 per barrel, according to calculations by Ziad Daoud, Bloomberg’s chief economist in the Middle East. EFG Hermes puts the budget’s assumed oil price at $60 to $62, while Capital Economics has it between $55 and $60.
That’s barely higher than where the global benchmark crude traded on Tuesday and compares with a price of $80 that was originally built into Saudi Arabia’s public finances for 2019. Saudi Arabia doesn’t disclose its oil-price assumption.
Analysts see Brent at just under $61 a barrel next year, according to the median of forecasts compiled by Bloomberg.
A year after a rare bullish call on oil, Saudi Arabia isn’t counting on much of an uplift from crude prices in 2020.
The world’s biggest oil exporter has designed next year’s budget under the assumption that Brent will average about $65 per barrel, according to calculations by Ziad Daoud, Bloomberg’s chief economist in the Middle East. EFG Hermes puts the budget’s assumed oil price at $60 to $62, while Capital Economics has it between $55 and $60.
That’s barely higher than where the global benchmark crude traded on Tuesday and compares with a price of $80 that was originally built into Saudi Arabia’s public finances for 2019. Saudi Arabia doesn’t disclose its oil-price assumption.
Analysts see Brent at just under $61 a barrel next year, according to the median of forecasts compiled by Bloomberg.
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