Saudi Arabia posts $33.5bn budget deficit amid drop in oil sales

Kingdom announces sharp rise in budget shortfall amid the effective closure of the Strait of Hormuz.

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Saudi Arabia has posted a sharp rise in its budget deficit amid declining oil revenues due to the effective closure of the Strait of Hormuz.

The kingdom’s budget shortfall widened to 125.7 billion riyals ($33.5bn) in the first three months of the year as rising government spending coincided with a fall in crude sales, according to the latest budget figures released by the Saudi Ministry of Finance on Tuesday.

Saudi Arabia posts $33.5bn budget deficit amid drop in oil sales

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