Saudi Arabia is prepared for multiple scenarios of oil prices, says the economy minister

Saudi Arabia's Economy Minister said that the Kingdom is prepared for all possible scenarios in terms of oil prices and budgets.

Faisal Alibrahim, speaking at the Qatar Economic Forum held in Doha, said: "We are always prepared for multiple scenarios and have buffers."

He said that "we have long-term fiscal plans and medium-term frameworks which help us to adjust depending on the scenario."

According to the International Monetary Fund (IMF) and economists, Riyadh requires oil prices above $90 per barrel in order to balance its budget. Benchmark Brent prices are trading around the mid-60s this month.

Saudi Arabia's Vision 2030 Reform Program is funded off-budget, but the government must spend massive amounts on infrastructure projects that are linked to it. The programme aims to wean Saudi Arabia off its "oil addiction".

The World Cup and Expo will be held in 2034.

Saudi Arabia is the largest oil exporter in the world. It was one of the biggest emerging market debt issuers of last year. The government has raised $14.4 billion this year.

(source: Reuters)