Saudi Arabia’s Finance Ministry sees oil prices at around $50 a barrel for the next three years, according to Goldman Sachs Group Inc.’s analysis of the kingdom’s pre-budget statement.
“Using our own estimates for the breakdown of government revenues, we calculate that the numbers presented in the budget statement are based on an average oil price of around $50 a barrel between 2020 and 2023,” said Farouk Soussa, a London-based analyst at Goldman.
Brent crude fell 6.3% to $39.27 a barrel last week as more countries tightened restrictions to counter the coronavirus pandemic and U.S. President Donald Trump got infected, causing traders to fret about the outlook for energy demand.
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