The International Monetary Fund (IMF) expects Saudi Arabia's budget to achieve an increase in revenues after the recent oil production cut in Saudi Arabia within the "OPEC+" alliance, benefiting from the increase in oil prices, as spending remains under control.
The IMF mission chief to Saudi Arabia, Amin Mati, explained, "The impact of the Kingdom's oil production cuts on the budget and external position is positive according to the IMF's expectations, as the impact of the rise in the oil price will offset the loss that may result from the production cuts".
Oil prices rebounded after the banking crisis swept through markets, pushing futures to a 15-month low in mid-March. Global benchmark Brent crude settled above $85 a barrel in April, following the unexpected decision by the OPEC+ alliance to cut output by more than one million barrels per day starting next month.
Source (Al-Arabiya.net Website, Edited)
