Saudi Arabia Requires Oil Price Close to $100, IMF Says

Saudi Arabia Faces Rising Oil Price Needs Amid OPEC+ Production Cuts

Saudi Arabia, the OPEC+ leader, is now in a position where it needs a higher oil price to balance its budget, as outlined by the International Monetary Fund (IMF). The kingdom's break-even oil price has surged to an average of $96.20 a barrel for the year, assuming it maintains its crude output at approximately 9.3 million barrels daily. This figure marks a 21% increase from the IMF's previous forecast in October, signaling a shift in the dynamics of the global oil market.