Weak oil price adds to strain on Saudi mega-projects

Weak oil price adds to strain on Saudi mega-projects

Kingdom prepares to unwind production cuts but puts at risk its ambitious spending plan

Not many circumstances have changed since debates began to circulate about how the price of oil will move in the coming period. The war in Ukraine is still going on, which continues to cause volatility in energy prices. Also, war conflicts in other parts of the world, primarily the war in the Middle East, have a great impact on the market and each participant in it closely monitors the geopolitical situation around the world.

Saudi Arabia cuts oil prices towards Asia, so as not to lose market share - Economic Scenarios

Saudi Arabia, the world's top crude exporter, is expected to cut the price of its oil destined for Asia in May to its lowest level in three months