Saudi Arabia braces for $39bn deficit to cut wages due to low oil prices

Saudi Arabia braces for $39bn deficit to cut wages due to low oil prices

The number one crude oil exporter, Saudi Arabia, has projected a $39 billion deficit in 2015. The impact of lower oil prices, along with the decision not to cut production, is putting pressure on the country’s finances.

The figure was part of the endorsed 2015 budget, which was made public in a statement read out on state-run television on Thursday.

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