Saudi Arabia will require oil prices higher than $84/b to avoid running another deficit, analysts warned after the kingdom announced on Tuesday record government spending in its state budget for 2019. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The budget calls for spending of 1.106 trillion riyals ($350 billion) for the year, up 7% from 2018, despite oil prices slumping in the fourth quarter and the kingdom pledging to cut output as part of OPEC’s agreement to balance the market. Analysts with Riyadh-based investment bank Al-Rajhi Capital said the budget implies a fiscal breakeven oil price of $84/b for 2019, which is $27/b higher than the level Brent futures were trading Tuesday afternoon. The budget figures spotlight the economic pressures Saudi is under to revive flagging oil prices regardless of the kingdom’s significant foreign currency reserves, which exceed $500 billion. The world’s […]