Saudi posts record USD 98 billion deficit in 2015: ministry

OPEC kingpin Saudi Arabia posted a record USD 98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry said today.

Revenues were estimated at 608 billion riyals (USD 162 billion), well below projections and 2014 income, while spending came in at 975 billion riyals (USD 260 billion), ministry officials announced at a press conference in Riyadh.