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Saudi Arabia’s budget will more than make up for a production cut announced by the kingdom with OPEC and its allies, according to the International Monetary Fund, as it reels in more revenue thanks to higher crude prices and keeps spending in check.
“The impact on the budget and on the external position relative to what we had projected is positive,” Amine Mati, the IMF mission chief to Saudi Arabia, said in an interview in Washington. “So the price impact would offset the loss that could arise from the production.”
Oil has rebounded after a banking crisis that rippled across markets drove futures to a 15-month low in mid-March. Global benchmark Brent has held above $85 per barrel in April, following the unexpected decision to cut more than 1 million barrels in daily output starting next month.
Saudi Arabia, OPEC’s de facto leader and the world’s top oil exporter, agreed to slash production by 500,000 barrels a day.
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