Saudi Arabia Braces For $39Bn Deficit, To Cut Wages Due To Low Oil Prices – 26 December 2014

RT logoThe number one crude oil exporter, Saudi Arabia, has projected a $39 billion deficit in 2015. The impact of lower oil prices, along with the decision not to cut production, is putting pressure on the country’s finances.

READ MORE: Saudi Arabia confident oil prices will rise, won’t cut output

The figure was part of the endorsed 2015 budget, which was made public in a statement read out on state-run television on Thursday.

The estimated trade deficit will be Saudi Arabia’s largest on record.

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