Saudi Arabia is being forced to borrow $10 billion as the world’s top oil exporter seeks to fill a record budget deficit caused by low crude prices. The kingdom had initally been seeking to raise between $6billion and $8billion through a loan lasting for five years for its first foreign borrowing in more than a decade. But the Ministry of Finance raised the amount after drawing significant demand. Sources said the loan should be signed before the end of April, with one saying the lenders included a mix of U.S., European and Japanese banks. An official watches progress at a rig at the al-Howta, Saudi Arabia. The kingdom is being forced to borrow $10 billion as the world’s top oil exporter seeks to fill a record budget deficit caused by low crude prices Another said the lead arrangers included JP Morgan, HSBC and Bank of Tokyo-Mitsubishi. Each was contributing […]