Despite rising oil prices, the Saudi government yesterday unveiled a preliminary draft budget emphasizing spending cuts and reducing the deficit. Last year led to the expansion of the deficit to about 11% of domestic product due to the Corona crisis and declining revenues of the oil sector.

The year 2021 is more positive due to the rise in black gold prices and expected revenue to rise from $226 billion to about $248 billion, of which about $145 billion is revenue from oil sales. At the beginning of the year, the Saudi budget calculates an average oil price of about $48 per barrel, but it is estimated that the price of a barrel this year will reach about $68 per barrel.