"The Saudi Arabian government (SAG) 2020 budget projection released December 9 plans for total expenditures of about $272 billion before declining to $255 billion in 2022. Projected revenues for the year are $222 billion, resulting in a $50 billion deficit, or 6.4 percent of GDP. The government has budgeted for non-oil revenue to reach $85 billion in 2020"
https://www.export.gov/apex/article2?id=Saudi-Arabia-oil-and-gas
"The Saudi-led OPEC oil cartel and allied producers including Russia have stuck to their output targets, despite uncertainty over the impact of fresh Western sanctions against Moscow.
The decision to maintain the status quo at a meeting of oil ministers on Sunday came ahead of the planned start of two measures aimed at hitting Russia's oil earnings following its invasion of Ukraine.
These are a boycott by the EU of most Russian oil, and a price cap of $60 (£49) on every barrel of its crude imposed by the G7 coalition of leading world economies."
https://uk.news.yahoo.com/opec-oil-cartel-holds-production-144900084.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAIqX8DO2XrTZdKdTjbmMircev37fPKzbeKiSqcB9USYCQh-ujs--0qCTvUb1U_H-XVs3kdX-9lc9WAx0kkkXuhR_Pz8hiGcMvaruJZEIt8Vv91FkB7xTRW1PIguRHdJVR1FZ8rRTTNwZPCrOqHbvJsT40asO8T6BlOFiJvXAmY7T
"Crude oil barrel infographicThe Organization of Petroleum Exporting Countries (OPEC) is an international alliance comprised of 13 member countries.
In alphabetical order, the 13 OPEC members are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
Overall, OPEC members shipped US$421.9 billion worth of crude oil around the globe in 2021. That dollar amount represents an -8% decline from $458.8 billion in 2017, but a 23% acceleration compared to $343.1 billion during 2020.
As a cartel, OPEC countries’ ability to collude and influence oil prices has weakened noticeably over the past 5 years."
https://www.worldstopexports.com/opec-countries-crude-oil-exports-sales-data/
"We forecast that members of OPEC will collectively earn $842 billion in revenues from oil exports in 2022, the most (adjusted for inflation) for the group since 2014."
https://www.eia.gov/todayinenergy/detail.php?id=53739
"The Organization of Petroleum Exporting Countries is an example of an international cartel. The organization was created at a conference in Baghdad, Iraq on September 10th-14th, 1960. The founding members which include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela agreed to create an organization that could bring some degree of stability to the world oil market. OPEC agreed to coordinate energy policies to ensure a fair price for their exported oil and a steady supply to the market.[2] The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the worldwide oil supply and therefore the price of oil.
When firms agree to collude, that is they agree to a certain price and quantity for a good or service, they create a cartel. A cartel is a type of oligopoly."
https://energyeducation.ca/encyclopedia/OPEC_(cartel)
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