Saudi Arabia’s breakeven oil price in 2020 is expected to be lower than $83.6/b to balance its budget, as the world’s biggest oil exporter signals an end to the expansionary fiscal policy through spending cuts, an International Monetary Fund official told S&P Global Platts. “The breakeven oil prices for 2020 of $83.6/b [as per the October regional report] is expected to be lower,” said Tim Callen, Saudi Arabia mission chief to the IMF, in an interview on December 19. In its October regional report, the latest published by the IMF, the international organization had forecast a breakeven oil price of $86.5/b for 2019 and $83.6/b for 2020. At around 0813 GMT, Brent oil prices were up 0.2% from Friday’s settle at $68.29/b. Saudi Arabia needs high oil prices to help balance its budget as the […]