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Saudi posts record deficit, cuts fuel subsidies

A Saudi employee fills the tank of his car with petrol at a petrol station in the Red Sea city of Jeddah on December 28, 2015Saudi Arabia announced a record budget deficit and cuts to fuel and utility subsidies as the oil powerhouse suffers from a drastic fall in global crude prices. Petrol prices in the kingdom were to rise by more than 50 percent on some products from Tuesday, authorities said, after the world’s largest crude exporter said it had posted a deficit of $98 billion in 2015. Riyadh also projected a shortfall of $87 billion in next year’s budget, the first since King Salman took over the country in January.

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