Saudi Arabia’s economy is on a contraction after global oil prices fell below $20, further straining the gulf country’s economy that has been hard-hit by lockdown since the COVID-19 outbreak started, OYOGist.com has learnt.
As the crash in the oil market hits the oil-rich nation, Saudi Arabia is expected to see severe income shortage that’ll turn back the economic progress made by the country.
Saudi Arabia is the world’s largest exporter of crude oil, however Coronavirus pandemic which has forced nations to implement lockdowns is having a negative impact on its economy.
Plans to offset Saudi Arabia’s economy after the lockdown has caused a decrease in spending is now hanging in the balance as the $20 a barrel price of Brent crude oil is barely enough to cover one third of its budget.
Follow OYOGist.com on Twitter and Facebook to engage with our community.
