IMF: Saudi Arabia Needs Oil Prices At $80.90 To Balance Budget

According to the International Monetary Fund (IMF), Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year and finance its megaprojects such as NEOM. This is lower than the $83.60 and $85.80 a barrel levels of 2021 and 2022, but comes amid an expected economic slowdown for Riyadh from 8.7% growth last year to 3.1% this year and next.