Saudi’s oil revenue anticipated to drop $38.5 billion

INTERNATIONAL FINANCE | The Kingdom of Saudi Arabia is expected to face decline in oil revenue by $38.5 billion on the back of the Opec+ decision to cut. After a series of discussions, Opec+ and other oil producing countries have decided to slash oil production on the back of the Cover-19 pandemic. The decision is based on  reduced oil demand globally. According to the decision, 9.7 million barrels per day will be slashed. This is effective May 1 2020 for a period of two months, media report said.

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