Trump Wants Cheap Oil. IMF Data Show Saudis Need Higher Prices
- Saudi Arabia’s fiscal break-even in 2019 is now $85 a barrel
- Kingdom is leading OPEC efforts to prop up crude prices
Saudi Aramco's Ras Tanura oil refinery and terminal, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia needs oil prices to be higher than what U.S. President Donald Trump may be comfortable with as the government increases spending to bolster economic growth.
International Monetary Fund data released on Monday show the world’s biggest oil exporter needs prices at about $85 a barrel to balance its budget this year, up from a forecast of $73 in September.