Oil prices seen healthier in 2020, says Finance Minister

Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, said he expects to see healthier oil prices in 2020 due to solid demand, reduced output and easing trade tensions.

“Saudi Arabia is forecast to see a smaller deficit by the end of 2020 than announced last month, when Riyadh said it could face a deficit of nearly $50 billion this year,” Reuters reported, citing Al-Jadaan.

Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defense industry amid tensions with Iran.

The finance minister also said that the Kingdom’s focus is firmly on non-oil GDP growth, but on sectors such as tourism, entertainment, sports, technology and finance.