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Commodities Briefing - Categorized | Oil, Price Watch more

Saudi breakeven oil price crawls higher

Posted on 07 January 2014

Bank of America Merrill Lynch says its preliminary spending projections for 2014 place Saudi Arabia’s fiscal breakeven oil price at $85 a barrel. “This is $5 higher than the floor we had previously anticipated policy-makers would be looking to defend,” the bank said in a report.
“We see two main takeaways from Saudi Arabia’s 2014 budget. Firstly, the fiscal breakeven oil price has crawled higher and remains sticky at $85 per barrel due to Arab Spring spending. Secondly, a shift to more realistic budgeting practices suggests awareness of the need to manage expenditures carefully. We accordingly maintain our 2014 GDP growth projection at 3.6 percent,” said the bank………………………………………..Full Article: Source


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