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OIL: Saudi Medium-Term Fiscal Deficit with $95/bbl Breakeven Oil Price: BofA

OIL

Saudi Arabia’s fiscal breakeven oil price is set to reach nearly $95/bbl in 2024, according to BofA Securities analysts cited by Bloomberg.

  • Saudi Arabia is to run “medium-term fiscal deficits as the focus turns to delivering on priority mega-projects.” 
  • Lower average crude production compared with last year is “partially offset by the disbursement of two additional performance-linked dividends from Saudi Aramco versus 2023.”
  • “The medium-term budgeted fiscal path for Saudi Arabia implies vulnerability to a drop in oil prices, and continued large external issuance.”
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