• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 3 mins Emissions Need To Be Halved To Avoid 3C Warming
  • 8 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 2 hours Coal Boom in Asia is Real and a Long Trend
  • 17 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 4 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 6 hours Solar Panels at 26 cents per watt
  • 18 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 11 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 16 hours Trudeau approves Trans Mountain Pipeline
  • 11 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 11 hours US to become net oil exporter in November: EIA
  • 18 hours The Plastics Problem
  • 10 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 8 hours US Shale Drilling lacks regulatory body.
Alt Text

Is Big Oil’s Plastic Bet Going Sour?

Oil majors are investing a…

Alt Text

Energy Majors Face Off To Get A Piece Of This $40 Billion Deal

International energy companies are descending…

Alt Text

Is This The Best Dividend Stock In Oil & Gas?

Supermajors have had a tough…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Higher Oil Prices Slash Saudi Deficit

The Saudi Finance Minister has announced an annual decline in the budget deficit for the first half of the year thanks to higher oil prices in the period. At US$19.39 billion (72.728 billion riyals), the first-half deficit was 51 percent lower than what the government had projected, the ministry also said. Total budget revenues in the period rose by 29 percent on an annual basis while expenditures fell by 2 percent.

Over the second quarter, the deficit fell on an annual basis but rose on a quarterly basis, Reuters noted in a report of the ministry’s announcement, recalling that the Kingdom had projected a full-year deficit of US$52.80 billion (198 billion riyals), or 8 percent of GDP, compared with US$79.2 billion (297 billion riyals).

Oil revenues rose by 28 percent over the second quarter, while overall revenues were up by a more moderate 6 percent on an annual basis.

Saudi Arabia has been relentless in its attempts to prop up international oil prices more consistently, while at the same time publicizing its progress in diversifying away from oil and into other industries, including renewable energy. Recently, the Kingdom launched a tender for the construction of a 400-MW wind farm as part of an initiative to build 9.5 GW of renewable capacity by 2023. Related: Automotive Giants Are Betting Big On Ride Sharing Tech

Meanwhile, Riyadh has been trying to rein in its OPEC co-members that are falling short of their production targets set out in the November deal, and pledging to cut its own exports to compensate for increases from other members of the cartel.

At a St. Petersburg meeting of oil ministers last month, Saudi Arabia said it would cut its exports to 6.6 million barrels from August but TankerTrackers data for the first week of the month revealed no cuts have been made, except to China.

Last week, reports emerged that Saudi Arabia would cut its crude oil exports to Asian clients by as much as 1 million bpd. That smacks of desperation as the Asian market is key for every crude oil exporter, and market share there is precious. Yet, the Kingdom seems to be willing to risk more of its market share to keep prices where they are or, hopefully, push them higher.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • jack ma on August 14 2017 said:
    SA is below 500 billion USD reserves now and burning 120 billion a year. At 50 oil they are doomed in 2.5 years and they know it. Their IPO will not save them. Karma is upon the unroyal family now for all of their war crimes in Yemen and violations of civil rights. IMHO

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News