Saudi Arabia's Budget Balance Hinges on $80.90 Oil Prices, Says IMF.

The IMF has projected that Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year, due to production cuts. This is a lower breakeven price than in 2021 and 2022, but remains higher than the average breakeven price for the two decades to 2019. The IMF expects Saudi Arabia to run a budget deficit of 1.1% of GDP this year.