US EditionSaudi Current Account in Deficit in 2024 Despite High Oil Prices
Summary by Arab Gulf States Institute in Washington…
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Saudi Current Account in Deficit in 2024 Despite High Oil Prices
It is unusual for Saudi Arabia to run a current account deficit. This happened on only three occasions in the 25 years between 1999 and 2023: in 2015, 2016, and 2020. Low oil prices were the main cause of these deficits – the average price of Brent was $53 per barrel, $45/bbl, and $43/bbl, respectively. In 2024, however, the current account was in a deficit despite an average oil price of $80/bbl. Source: International Monetary Fund The current …
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