Saudi Arabia on Monday revealed its 2020 budget, forecasting lower oil income due to OPEC production cuts and a lesser reliance on its lifeblood industry in the coming years as its ambitious economic reforms take hold. The government said its expenditures will fall 2.6% to Riyal 1.02 trillion ($272 billion) from 2019’s record spending of Riyal 1.048 trillion ($279 billion). Oil revenues will dip 14.8% to Riyal 513 billion ($137 billion) from Riyal 602 billion ($161 billion) in 2019 due to “collection of exceptional profit” this year, the statement said without elaborating. The budget deficit will widen to 6.4% in 2020 from 4.7% in 2019 as the government earns less from oil. Saudi Arabia is the world’s largest exporter of crude. In addition to the OPEC cuts, the budget cited “challenging global economic and international market conditions,” including global trade disputes. The Saudi government does not publish […]