Saudi Arabia budget insulated from effects of lower oil prices

Saudi Arabia is the largest exporter of crude oil and other petroleum liquids in the world, and their oil exports accounted for 89% of the country's total revenue in 2014. The recent decline in global oil prices is decreasing the value of these exports, leading to a potential budget shortfall. In its 2015 budget, Saudi Arabia plans to spend about $230 billion, but expects to take in $190.7 billion in revenue resulting in an overall deficit of $38.6 billion. More »